Elwood is located in Will county Illinois with a geographic area of 13.6 square miles. The total population in Elwood is 2,524 with 50.0% male and 50.0% female. Children under age 5 represent 5.1% of the population, under age 18 equal 19.4% of the population and over age 65 is 13.5% of the population. The median household income is $81,250, per capita income is $34,402. There are a total of 941 housing units with 87.2% owner occupied. Education includes 47.9% of residents that are high school graduates and 14.7% with a bachelor's degree or higher. The average temperature in Elwood in the summer is 74 degrees, and in the winter 27 degrees.