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Studio Apartment for Rent in Elwood, IN

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    $795

    Total Monthly Price

    • Studio
    • 1 Bath
    • 300 Sq Ft
    • Condo for Rent

    1702 S E St Unit 3, Elwood, IN 46036

    Fully renovated upstairs studio apartment available in a quiet fourplex in Elwood, Indiana. This beautifully updated unit offers a modern, upscale feel with tall 10-foot ceilings throughout most of the apartment, creating an open and spacious atmosphere.The apartment features luxury-style vinyl plank flooring, recessed lighting, updated trim and doors, modern black fixtures. Stainless steel

    1702 S E St Unit 3, Elwood, IN 46036

Why Live in Elwood

Elwood, Indiana, known as the "Heart of Hoosierland," is a small city offering a family-friendly atmosphere within a 30-minute drive of Fishers and Noblesville. With a population of around 8,500, many residents commute for work, although local employment opportunities exist with companies like Elsa Automotive and Red Gold. The city has a mix of century-old homes, including gablefront and Craftsman-inspired styles, alongside newer traditional builds in subdivisions. Elwood Community Schools serve the area, with Elwood Elementary School receiving a high rating. The city features several parks, such as Callaway Park, and is home to the Elwood Golf Course. A new aquatic center is also in development. Downtown Elwood hosts locally owned restaurants like The Tin Plate and the Opera House Eatery, offering a nod to the city's industrial past. Annual events like the Elwood Glass Festival and the Red Gold Chili Cook-off highlight the community's heritage and spirit. While there is no public transportation, major routes like 28 and 13 facilitate travel, and Ascension St. Vincent Mercy Hospital provides local healthcare. The presence of Norfolk Southern trains adds a unique aspect to the city, with tracks running through the center of C Street.

Frequently Asked Questions

How much does it cost to rent a home in Elwood, IN?
The median rent for a home in Elwood, IN is $850 per month, though prices vary by neighborhood, size, and property type. As of August 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Elwood, IN?
To comfortably afford the median rent in Elwood, IN, a household needs to earn roughly $34,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $850 per month in Elwood, IN, renters typically need to show $2,550 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Elwood, IN?
In Elwood, IN, the price-to-rent ratio is 16.5, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$850
Median Single Family Home Rent
$1,123
Median Condo Rent
$838
How to Rent a Home