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With changes in transportation, development of the Midwest, and other economic shifts, local agriculture declined in importance.
The village is a local center with well-preserved buildings composing the Aurora Village-Wells College Historic District, listed on the National Register of Historic Places.
It has come to rely on Wells College as the major employer.
During the school year, nearly half the population of the village is made up of students.
Since the renovations in the town and the college's 2005 decision to enroll men and become co-educational, enrollment has increased.
The student body, with enrollment of 567 in 2007, grew by a third since a few years ago.

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