Elwood is a very small village located in the state of Illinois. With a population of 2,248 people and two associated neighborhoods, Elwood is the 560th largest community in Illinois.

One interesting thing about the economy is that relatively large numbers of people worked from their home: 9.88% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.

The village is relatively quiet, having a combination of lower population density and few of those groups of people who have a tendency to be noisy. For example, Elwood has relatively fewer families with younger children, and/or college students. Combined, this makes Elwood a pretty quiet place to live overall. If you like quiet, you will probably enjoy it here.

One downside of living in Elwood, however, is that residents on average have to contend with a long commute, spending on average 30.31 minutes every day commuting to work.

The percentage of adults in Elwood with college degrees is slightly lower than the national average of 21.84% for all communities. 16.85% of adults in Elwood have a bachelor's degree or advanced degree.

The per capita income in Elwood in 2022 was $45,722, which is upper middle income relative to Illinois and the nation. This equates to an annual income of $182,888 for a family of four. However, Elwood contains both very wealthy and poor people as well.

Elwood is a very ethnically-diverse village. The people who call Elwood home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Elwood residents report their race to be White, followed by Black or African-American. Elwood also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 12.44% of the village’s residents. Important ancestries of people in Elwood include Irish, German, Italian, Polish, and Liberian.

The most common language spoken in Elwood is English. Other important languages spoken here include Spanish and French.