This paper discusses a novel, low-cost approach for the design and testing of a flutter test article made out of expanded polystyrene (EPS) foam. The low mass of this test article makes it especially suitable for serving as a test bed for similar low structure-to-fluid mass ratio wing configurations, though it could just as easily be used as the first step in the flutter testing of any structure with complex shape and mechanical properties. The material properties of EPS foam were tested using two different approaches: a 3-point bending test based on ASTM Standards for cellular materials and a new finite element model updating approach that used experimental data collected from simple ground vibration tests (GVT). It was found that the second approach provided material properties that were the most representative of the behavior of the specimen under flutter loads. That information was then used in a computational aeroelastic flutter model of the EPS foam wing. Wind tunnel flutter tests were performed for the EPS foam model. The computational frequency domain decomposition (CFDD) method was used to identify modal parameters and the damping trend extrapolating method was used to predict the critical flutter speed from pre-flutter experimental data. The flutter results from the aeroelastic model were in good agreement with the test data.