Elwood, IN—46036
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elwood, IN
As of Oct '25, the median home price in Elwood, IN is $144,000, with a year-over-year change of -1.0%. This indicates that home prices in Elwood, IN are decreasing. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $144,000 | -1.0% |
| Single Family | $143,000 | -1.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $76,000 | -11.6% |
2 Bed | $111,000 | -3.5% |
3 Bed | $160,000 | 1.9% |
4 Bed | $201,000 | 1.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elwood, IN
As of July '25, Rentcast reports the average rent in Elwood, IN is $1,330, with a year-over-year rent change of 38.0%. Per bedroom, the median rent as of July '25 in Elwood, IN is studios: $660, 1-bedrooms: $752, 2-bedrooms: $1,070, 3-bedrooms: $1,730, 4-bedrooms: $1,400. The most common rental property sizes in Elwood, IN are 2-bedroom and 1-bedroom, accounting for 47.7% and 18.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,330 |
| Studio Rent | $525 | $660 |
| 1 Bed Rent | $600 | $752 |
| 2 Bed Rent | $1,050 | $1,070 |
| 3 Bed Rent | $1,750 | $1,730 |
| 4 Bed Rent | $1,400 | $1,400 |
% of Rental Stock
Property Listings — Elwood, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Elwood, IN is 43. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 75.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $173,000 | -2.0% |
Listing Count | 56 | 26.0% |
| Listings as % of Homes | 0.6% | 26.0% |
Days on Market | 43 | -3.0% |
Demographics — Elwood, IN
As of the latest ACS Survey released in 2023, Elwood, IN has a population of 11,200, which has decreased by -5.4% over the past 5 years. Elwood, IN is a moderately popular place for families, as children make up 19.0% of the population. The area has a poorly educated workforce, with 10.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,200 | -5.4% |
% Under 18 | 19.0% | -14.4% |
% Seniors | 20.2% | 9.2% |
% WFH | 5.8% | 114.8% |
% w/ College Degree | 10.4% | -14.0% |
As of the latest ACS Survey released in 2023, Elwood, IN is a predominantly white area, with 94.4% of the population identifying as white. The white population has shrunk by 0.9% in the last 5 years. The second most common race or ethnicity in Elwood, IN is hispanic, making up 2.7% of the population. Foreign-born residents account for 0.6% of the population in Elwood, IN, and this percentage has decreased by 33.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 94.4% | -0.9% |
% Black | 0.4% | 100.0% |
% Hispanic | 2.7% | -30.8% |
% Asian | 0.5% | 150.0% |
% Foreign Born | 0.6% | -33.3% |
Mortgage and Risk — Elwood, IN
According to HUD data as of 2023, there were 235 mortgage originations in Elwood, IN, of which 70.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Elwood, IN. Investor activity is low, as 2.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 235 |
% Conventional Loans | 70.0% |
% Government Loans | 30.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — Elwood, IN
As of 2024, the percent of homes in Elwood, IN under the Section 8 program is 17.4%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Elwood, IN, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 241 |
Total Units Section 8 | 241 |
% Rentals under Section 8 | 17.4% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $440 | $600 | $1,040 |
| 2 Bedroom | $170 | $1,050 | $1,220 |
| 3 Bedroom | -$160 | $1,750 | $1,590 |
| 4 Bedroom | $520 | $1,400 | $1,920 |
Affordability — Elwood, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.2 |
| Median Home Price | $144,000 |
| Median Household Income | $59,100 |