Elwood, IN vs Paoli, IN

Elwood, IN and Paoli, IN have a very similar cost of living, with only a 3.7% difference in their overall index. Elwood scores 66 while Paoli scores 69 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Elwood is $838/month compared to $827/month in Paoli — a 1% difference. Interestingly, home values tell a different story: while Paoli has cheaper rent, Elwood actually has lower median home values ($92,800 vs $134,300).

Median household income in Elwood is $54,084 compared to $45,926 in Paoli (+17.8%). Elwood offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Elwood spend roughly 18.6% of their income on rent, less than the 21.6% in Paoli.