The Town was incorporated in October 1890 and had a population of 300 as well as an operating post office since 1882. By 1901, Elizabeth had several businesses offering general merchandise, lumber, creamery products, feed, other services, and with a student enrollment of 300 in the local school system. The railroad, previously known as the D&NO Railway, had changed ownership and became known as the Colorado and Southern Railway. Following the 1935 flood in Elbert County, the railroad tracks that ran through Elizabeth were torn out and consequently, for the next thirty years, the town suffered an economic decline.
Transportation improvements in the region in the 1960s brought the community closer to the metropolitan area and the community began to grow slightly. By 1970, the population was 493, in 1980 it was 789, in 1995 it was 1,053, and the current estimated population is 1,358.
Elizabeth is located in western Elbert County at  Colorado State Highway 86 passes through the town, leading east 7 miles (11 km) to Kiowa and west 15 miles (24 km) to Castle Rock. Denver is 40 miles (64 km) to the northwest via Franktown and Parker.(39.359954, -104.600063).
|U.S. Decennial Census|
As of the census of 2000, there were 1,434 people, 496 households, and 380 families residing in the town. The population density was 1,670.6 people per square mile (643.8/km²). There were 513 housing units at an average density of 597.6 per square mile (230.3/km²). The racial makeup of the town was 94.00% White, 0.07% African American, 0.84% Native American, 0.21% Asian, 3.49% from other races, and 1.39% from two or more races. Hispanic or Latino of any race were 6.00% of the population.
There were 496 households out of which 47.2% had children under the age of 18 living with them, 60.3% were married couples living together, 11.7% had a female householder with no husband present, and 23.2% were non-families. 16.9% of all households were made up of individuals and 4.0% had someone living alone who was 65 years of age or older. The average household size was 2.89 and the average family size was 3.27.
In the town, the population was spread out with 33.3% under the age of 18, 9.7% from 18 to 24, 36.5% from 25 to 44, 16.4% from 45 to 64, and 4.2% who were 65 years of age or older. The median age was 30 years. For every 100 females there were 105.4 males. For every 100 females age 18 and over, there were 99.8 males.
The median income for a household in the town was $49,596, and the median income for a family was $51,902. Males had a median income of $38,875 versus $25,066 for females. The per capita income for the town was $18,902. About 7.8% of families and 9.2% of the population were below the poverty line, including 11.8% of those under age 18 and 9.5% of those age 65 or over.
Elizabeth is home to the weekly newspaper, the Meadowlark Herald, which is also the only newspaper wholly owned and published in Elbert County. The Elbert County News, The Ranchland News, The West Elbert County Sun, and The Prairie Times also publish Elbert County news and distribute widely in the county.