Cost of Living in Elwood, IL
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
113.9
100 = national avg
+13.9 vs national average
Living Wage (1 Adult)
$50,128
per year
Living Wage (Family of 4)
$118,484
per year
Cost Index by Category
Housing122.5
Food106.3
Transportation112.6
Healthcare105.0
Utilities108.3
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,581
per month
2 Bedroom
$1,781
per month
The overall cost of living index in Elwood is 113.9, which is 13.9% above the national average. Housing costs are above the national average at an index of 122.5. A single adult needs to earn approximately $50,128 per year to cover basic expenses.