Elwood is located in northeast Illinois. Elwood is part of Will County. Elwood has 6.53 square miles of land area and has no water area. As of 2010-2014, the total Elwood population is 2,165, which has grown 33.64% since 2000. The population growth rate is much higher than the state average rate of 3.62% and is much higher than the national average rate of 11.61%. Elwood median household income is $65,240 in 2010-2014 and has grown by 22.80% since 2000. The income growth rate is about the same as the state average rate of 22.70% and is lower than the national average rate of 27.36%. Elwood median house value is $163,300 in 2010-2014 and has grown by 23.43% since 2000. The house value growth rate is lower than the state average rate of 34.33% and is much lower than the national average rate of 46.91%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%. On average, the public school district that covers Elwood is worse than the state average in quality. The Elwood area code is 815.