In Elwood, a typical home is worth $97,800 and typical rent is $860 a month. Compared with all of Madison County, the typical home value is 39% lower and typical household income is 15% lower.
Typical home value from Zillow, September 2021 to September 2026: from $117,715 to $154,367.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Elwood is in Madison County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Madison County. See the county
What this place has that others do not, from public data, most unusual first.
1
The typical home in Elwood is worth $97,800,39% less than in Madison County as a whole ($161,300).
2
The typical household income in Elwood is $53,280,15% less than in Madison County as a whole ($63,037).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Elwood
What homes there are in Elwood, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Elwood
Madison County
Indiana
United States
Kind of home: Elwood and its comparisons
Measure
Elwood
Madison County
Indiana
United States
Detached house
80%
78%
73%
61%
Attached house
Unreliable estimate
4%
4%
6%
Building of 2 to 4
11%
7%
6%
8%
Apartments (5 or more)
Unreliable estimate
7%
13%
19%
Mobile home
Unreliable estimate
5%
4%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
As in Madison County, most homes in Elwood are detached houses (80%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Elwood
Madison County
Indiana
United States
Year built: Elwood and its comparisons
Measure
Elwood
Madison County
Indiana
United States
Before 1960
62%
42%
31%
26%
1960–1979
15%
28%
24%
24%
1980–1999
16%
17%
23%
25%
2000–2009
Unreliable estimate
8%
12%
14%
2010 or later
5%
5%
10%
11%
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100K52%
$100K–$200K34%
$200K–$300K12%
$300K–$500KUnreliable
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Elwood and its comparisons
Measure
Elwood
Under $100K
52%
$100K–$200K
34%
$200K–$300K
12%
$300K–$500K
Unreliable estimate
$500K–$750K
Unreliable
$750K–$1M
Unreliable estimate
$1M or more
Unreliable
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99961%
$1,000–$1,49929%
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Elwood and its comparisons
Measure
Elwood
Under $500
Unreliable estimate
$500–$999
61%
$1,000–$1,499
29%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
With a mortgage
$949 a month
Madison County: $1,214 a month
Without a mortgage
$393 a month
Madison County: $460 a month
Owners with a mortgage
64%
Madison County: 62%
In Elwood, 64% of owners have a mortgage, and their typical cost is $949 a month, against $1,214 in Madison County. Without one it drops to $393.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Elwood+42%
Madison County+66%
Indiana+54%
United States+53%
Typical rent
Elwood+23%
Madison County+21%
Indiana+29%
United States+33%
Typical household income
Elwood+28%
Madison County+27%
Indiana+28%
United States+29%
Change since 2015–2019: Elwood and its comparisons
Measure
Elwood
Madison County
Indiana
United States
Typical home value
+42%
+66%
+54%
+53%
Typical rent
+23%
+21%
+29%
+33%
Typical household income
+28%
+27%
+28%
+29%
From 2015–2019 to 2020–2024, the typical home value in Elwood rose 42%; in Madison County, it rose 66%.
The typical rent in Elwood rose 23% since 2015–2019, about the same as in Madison County (21%).
The typical household income in Elwood rose 28% over that time; home values changed +42% and rent +23%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Elwood and its comparisons
Measure
Elwood
Madison County
Indiana
United States
Rental vacancy
Unreliable estimate
5.7%
5.6%
5.5%
Homeowner vacancy
Unreliable estimate
0.8%
0.8%
0.9%
More than one person per room
Unreliable estimate
1.2%
1.8%
3.4%
People per household
2.43
2.37
2.46
2.53
Drive alone
79%
77%
76%
69%
Carpool
16%
10%
9%
9%
Public transit
Unreliable estimate
0%
1%
3%
Walk or bike
Unreliable estimate
2%
2%
3%
Work from home
Unreliable estimate
10%
11%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
By size, households in Elwood look like those in Madison County: 2.43 people on average.
Carpooling is common in Elwood: 16% of workers get to work that way, against 10% in Madison County.
Do the math
What would you pay each month for a home in Elwood?
A typical home is within reach of the typical income
We start with a typical home in Elwood, worth $97,800, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 18% of the typical household income in Elwood, which is $53,280 a year.
The calculator's FHA and conventional loan limits are those of all of Madison County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Elwood. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $3,423 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$800
at 7.18% · 30 years
Loan amount
$96,029
Total interest
$138,163
Paid off in
November 2056
Includes $1,652 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,243 a month
Your payment · 18%
Tight
$1,243 to $1,598 a month
Hard
more than $1,598 a month
Compared with the typical household income in Elwood ($53,280 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$651
Property tax
$65
Home insurance
$41
FHA mortgage insurance (MIP)
$43
You need at least $3,423 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $800; principal and interest $651.
The city and its county
Elwood and Madison County
Elwood is in Madison County, Indiana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Elwood
Map of Madison County, Indiana, with Elwood marked. Around it, the neighboring counties.
Elwood
Madison County
Other cities with a page
Elwood's own numbers
Typical home value
$97,800
Typical monthly rent
$860
Typical yearly household income
$53,280
Households that own their home
65%
Effective property tax rate
0.8%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Madison County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,331
Price change over 5 years (FHFA)
+57%
Homes in a high flood-risk zone
2.3%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Madison County.
A typical home in Elwood is worth $97,800: 39% below the county and 55% below Indiana. With the typical household income in Elwood ($53,280 a year), a typical home costs 1.8 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Elwood1.8 years
Madison2.6 years
Indiana3.0 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Madison County
According to FHFA’s house price index, home prices in Madison County rose 107% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Madison County.
Yearly change in FHFA’s price index in Madison County, 2016 to 2025
2016: +1.7% +1.7% 2016
2017: +7.4% +7.4% 2017
2018: +6.5% +6.5% 2018
2019: +8.1% +8.1% 2019
2020: +4.9% +4.9% 2020
2021: +13.5% +13.5% 2021
2022: +16.4% +16.4% 2022
2023: +9.0% +9.0% 2023
2024: +5.2% +5.2% 2024
2025: +3.4% +3.4% 2025
Change in FHFA’s price index in Madison County, Indiana and the United States
Period
County
Indiana
U.S.
Last year (2025)
+3.4%
+4.3%
+2.9%
5 years (2020–2025)
+57%
+53%
+47%
10 years (2015–2025)
+107%
+95%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Elwood next to Madison County, Indiana and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Elwood$97,800
Madison$161,300
Indiana$218,200
United States$332,700
Typical monthly rent
Elwood$860
Madison$939
Indiana$1,062
United States$1,413
Typical yearly household income
Elwood$53,280
Madison$63,037
Indiana$71,957
United States$80,734
See the full table
Elwood next to Madison County and Indiana
Measure
Elwood
Madison County
Indiana
U.S.
Typical home value
$97,800 ▼39% below the county
$161,300
$218,200
$332,700
Typical monthly rent
$860 ▼8% below the county
$939
$1,062
$1,413
Typical yearly household income
$53,280 ▼15% below the county
$63,037
$71,957
$80,734
Households that own their home
65% ▼5 points below the county
70%
71%
65%
Typical yearly property tax
$786 ▼34% below the county
$1,192
$1,614
$3,119
Effective property tax rate
0.8% ▲0.06 points above the county
0.74%
0.74%
0.94%
Renters with high rent for their income
44% ▼5 points below the county
49%
48%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Madison County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Elwood
For a typical $97,800 home in Elwood, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Elwood's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$800a month
Least cash to close
Down payment
$3,423
Cash to close
$6,357
Rate
7.18%
Mortgage insurance
FHA MIP · $43
Conventional, 5% down$782a month
Down payment
$4,890
Cash to close
$7,824
Rate
7.18%
Mortgage insurance
PMI · $46
Conventional, 20% down, no PMI$636a month
Down payment
$19,560
Cash to close
$22,494
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$726a month
Down payment
$14,670
Cash to close
$17,604
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Elwood
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$800
$3,423
$96,029
7.18%
FHA MIP · $43
$6,357
580
Conventional, 5% down
$782
$4,890
$92,910
7.18%
PMI · $46
$7,824
620*
Conventional, 20% down, no PMI
$636
$19,560
$78,240
7.18%
None
$22,494
620*
ITIN, 15% down (example)
$726
$14,670
$83,130
8.18%
None
$17,604
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Elwood is $860 a month: 8% below the county. In Elwood, 44% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Madison County, by unit size. To pay the 2-bedroom one ($1,331 a month) without spending more than 30% of your income, you would need to earn $25.60 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Madison County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,011
$19.44
$40,440
1 bedroom
$1,017
$19.56
$40,680
2 bedrooms
$1,331
$25.60
$53,240
3 bedrooms
$1,743
$33.52
$69,720
4 bedrooms
$1,749
$33.63
$69,960
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Elwood
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Elwood is in ZIP code 46036.
For 2 bedrooms it is $1,200: $131 less than the fair market rent for Madison County ($1,331).
Fair market rent by ZIP code and size in Elwood, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
46036
$910
$920
$1,200
$1,570
$1,580
ZIP code2 bd3 bd
46036 $1,200$1,570
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Elwood when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Madison County; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Elwood or Madison County. The ones below are statewide in Indiana: they work in Elwood the same as in the rest of the state.
Indiana state agency program with down payment assistance of 2.5% or 3.5% of the price, alongside a 30-year FHA or conventional mortgage.Offered by Indiana Housing and Community Development Authority (IHCDA).
Indiana state agency 30-year FHA or conventional mortgage for first-time buyers (or homes in designated areas), with down payment assistance as a second mortgage with no interest or payments, repaid when the first mortgage ends.Offered by Indiana Housing and Community Development Authority (IHCDA).
No legal help resource on our list is for Elwood or Madison County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Elwood and all of Madison County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Elwood?
The typical home value in Elwood is $97,800, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Madison County it is $161,300.
How much does it cost to rent in Elwood?
Typical rent in Elwood is $860 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Madison County is $1,331.
What is the FHA loan limit in Elwood?
Elwood uses the FHA limit for all of Madison County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Elwood?
The typical homeowner in Elwood pays $786 a year, according to the U.S. Census Bureau. That is 0.8% of the home’s value; in Madison County, the rate is 0.74%.
Where can I find free help to buy or rent in Elwood?
There is 1 HUD-approved counseling agency with an office in Madison County. They can help you get ready to buy, with your credit, or with rent.
