Cost of Living in Elwood, UT

With a cost of living index of 115, Elwood, UT is somewhat more expensive than average. Living here is 15% more expensive than the national average and 7% above the Utah state average of 108. Elwood is a small community of 1,643 residents.

Housing costs are the biggest factor in Elwood's cost of living. The median monthly rent is $1,375 (4% above the US median of $1,319), and the median home value sits at $480,100 (57% above the national median of $304,900). At current prices, the median home costs roughly 4.8x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Elwood is $99,375, which is 32% higher than the national median of $75,149. Residents spend roughly 17% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.