Elwood is a city in Madison and Tipton counties in the U.S. state of Indiana. The Madison County portion, which is nearly all of the city, i…Elwood is a city in Madison and Tipton counties in the U.S. state of Indiana. The Madison County portion, which is nearly all of the city, is part of the Indianapolis–Carmel–Anderson metropolitan statistical area. The population of Elwood was 8,410 at the 2020 census.
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