I had rescued a few old t-shirts from my daughter's trash can a couple of weeks ago because I never really throw anything away which is remotely related to fabric, sewing, etc. She agreed to be my guinea pig for this experiment.
I already had underwear elastic in my stash which came from a local, well-known underwear company. Someone gave it to me because, as I said before, I stash all things related to sewing. The first pair I made with foldover elastic at the waist sewn on with my coverstitch machine. Since I was experimenting with size on this one, I got the legs just a bit tight so I finished them with a self-fabric binding sewn on with the coverstitich.
I ran across this lightweight piece of knit at the local fabric store for almost nothing and tried a different type of elastic. This is picot edge elastic which I stitched onto the edge of the legs and waist with the coverstitch machine.
Birgitte at indigorchid recommends Sew Sassy Fabrics in Huntsville, Alabama as a source for elastic. Their prices are great and I received an order very quickly. Now I'm on the lookout for more t-shirts in need of a recycle!
Once you determine the correct size and the length to cut the elastic, these are extremely quick and easy to sew up and cost less than $1.00 each!