Settled near the region's early iron mines, Elverson is close by Hopewell Furnace National Historic Site; an example of a 19th century iron plantation,.
As of the census of 2000, there were 959 people, 412 households, and 313 families residing in the borough. The population density was 961.2 people per square mile (370.3/km²). There were 460 housing units at an average density of 461.1/sq mi (177.6/km²). The racial makeup of the borough was 97.08% White, 0.31% African American, 1.36% Asian, 0.42% from other races, and 0.83% from two or more races. Hispanic or Latino of any race were 0.63% of the population.
There were 412 households out of which 21.4% had children under the age of 18 living with them, 68.2% were married couples living together, 5.6% had a female householder with no husband present, and 23.8% were non-families. 20.9% of all households were made up of individuals and 5.8% had someone living alone who was 65 years of age or older. The average household size was 2.33 and the average family size was 2.68.
In the borough the population was spread out with 17.7% under the age of 18, 4.1% from 18 to 24, 22.2% from 25 to 44, 32.1% from 45 to 64, and 23.9% who were 65 years of age or older. The median age was 50 years. For every 100 females there were 86.6 males. For every 100 females age 18 and over, there were 90.1 males.
The median income for a household in the borough was $57,813, and the median income for a family was $62,273. Males had a median income of $40,000 versus $31,953 for females. The per capita income for the borough was $27,162. About 0.6% of families and 1.8% of the population were below the poverty line, including none of those under age 18 and 3.9% of those age 65 or over.