Elwood, NY

Very High · 168

New York · Population 11,140 · Updated March 2026

$1,455
Median Rent / Month
$170,987
Median Income
$664,200
Median Home Value
$3,056
Owner Costs / Month

Affordability

How far your income goes in Elwood

10.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New York

State-level tax rates that affect your costs

10.9%
Income Tax (Top Rate)
4.0%
Sales Tax
1.62%
Property Tax Rate

Estimated Annual Costs

$17,460
Annual Rent
$18,638
State Income Tax
$10,760
Property Tax (est.)

Cost of Living Overview

Elwood has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 168 (where 100 equals the national median), Elwood residents can expect to pay median rent of $1,455/month while earning a median household income of $170,987/year.

The median home value in Elwood, NY is $664,200, with typical monthly owner costs around $3,056 including mortgage, insurance, and taxes. The median rent-to-income ratio of 10.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New York's top income tax rate of 10.9% is among the highest in the nation, adding to the overall cost burden. Combined with a 4.0% sales tax rate and 1.62% effective property tax rate, the overall tax environment is a factor in the total cost of living in Elwood.

Frequently Asked Questions

Common questions about living costs in Elwood

What is the cost of living in Elwood, NY?
The cost of living index in Elwood, NY is 168 (US average = 100). Median monthly rent is $1,455, median household income is $170,987/year, and the median home value is $664,200.
Is Elwood, NY affordable?
No, Elwood is more expensive than the national average with a cost index of 168. The rent-to-income ratio is 10.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elwood, NY?
The median gross rent in Elwood, NY is $1,455 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,460.
What is the median household income in Elwood?
The median household income in Elwood, NY is $170,987 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New York?
New York has a top income tax rate of 10.9%, a sales tax of 4.0%, and an effective property tax rate of 1.62%.