Adding to the already mentioned points,
Ian Thompson mentions «highly educated individuals such as Denethor would know of Rivendell's existence and its approximate location».Ian Thompson mentions:
highly educated individuals such as Denethor would know of Rivendell's existence and its approximate location
We can assume that there are old maps showing the location of Rivendell. That's probably how highly educated individuals with shorter lives would know how to find it.
Technology in the Middle Earth-earth is sparse. Those maps are probably old, few and stored at libraries of centers of knowledge or certain important lords. Peasants won't have access to Google Maps, or have access to a satellite image to see if there is more than ruins there now (which would have been useful to detect much earlier what was happening in Mordor, too).
Traders don't seem to pass by Rivendell, which makes the place unknown to most humans. Plus, even if the above-mentioned maps were available to those immigrants and poor people seeking refuge, they wouldn't know if there were still a city at such place, and they wouldn't know if they would be well-received. You ask knowing Elrond's personality and the life Bilbo lived there. We don't know if Elrond would indeed happily welcome anyone who appeared uninvited at the doors. Probably not hundreds of immigrants. At least not without them earning their living in some way, I think.
I see a certain appeal in traveling to Rivendell "in order to see elves". But when it's not a weekend trip, but months of travel, to a city you don't know whether it still exists, where you might not be welcome at all, and led by people who aren't even human (yes, it is racist, but those poor immigrants would probably have heard some frightening stories about elves¹). It's much easier for those poor people to move to the next human town (if moving at all), and continue their lives in poverty, but in well-known places and without adventures.
¹ And no, don't expect they would know -or understand- Elrond's ancestry, much less consider him half-human.