Cost of Living in Elwood, IN

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19%
Overall NAT. AVG.
2%
Groceries NAT. AVG.
52%
Housing NAT. AVG.
Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.
The cost of living index is based on a national average of 100. For example, if the cost of living score is 90, then the estimated cost of living is 10% lower than the national average. If the score is 110, then the estimated cost of living is 10% higher than average. The overall index is calculated using weighted estimates across major everyday expense categories, including housing (30%), groceries (16%), transportation (12%), healthcare (10%), utilities (8%), lifestyle and entertainment (8%), household expenses (8%), and education and childcare (8%). All values are AI-assisted city-level estimates designed for directional comparisons.
Index Elwood Indiana National
Cost of living8189100
Groceries9897100
Health care9497100
Housing4872100
Transportation9496100
Utilities9396100
Lifestyle & Entertainment9695100
Household Items10098100
Education & Childcare9294100
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Homes For Sale In Elwood, IN

property for sale

736 N 13th St

Elwood, IN
property for sale

2422 N B St

Elwood, IN
property for sale

120 S A St

Elwood, IN
property for sale

1470 College Pkwy

Elwood, IN
See the Newest Homes For Sale In Elwood, IN

Cost Of Living Quick Facts

  • The cost of living in Elwood is 9% lower than the Indiana average
  • The cost of living in Elwood is 19% lower than the national average
  • Elwood housing is 52% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 21% higher than the national average

Most Affordable Places to Live in and Around Elwood

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      Cost of living index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index
      Lifestyle index
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      Educare index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$88,406$7,367$2,063$2,652
      Renters$46,326$3,861$1,081$1,390
      The affordability of the housing market in Elwood, IN as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Elwood homeowners, the median income is $88,406. This indicates that a monthly maximum of $2,063 should be spent by homeowners on all housing related costs. Renters have a median income of $46,326. This indicates that renters would have a maximum of $1,081 for their rent related monthly costs.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.15% 3.15%

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Point Isabel, IN95973.1%
      Orestes, IN5298019.6%
      Windfall City, IN7328118.7%
      Jonesboro, IN1,3408019.5%
      Fowlerton, IN2498119.5%
      Elwood, IN8,6398118.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Rice Lake, WI8,642936.9%
      Revelstoke, BC8,635n/a 
      McRae-Helena, GA8,6438416.0%
      Virginia, MN8,6348712.7%
      Portugal Cove-St. Philip's, NL8,634n/a 
      Elwood, IN8,6398118.6%
      Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.
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