jQuery replaceWith fills in raw HTML instead of replacing with new tag: How do I fix this?

I am attempting to use the jQuery replaceWith() to replace a text input with a div element. The idea is to have this happen in the same DOM location as the respective text input. The page is as follows:

HTML (only the applicable portion):

<input type='text' placeholder='Test...' name='txtTest' id='txtTest'>

JavaScript:

$(document).ready(function() {
  var inText = $("input[type='text']");
  
  inText.each( function(index) {
    var item = inText[index];
    item.replaceWith(("<div class='in-text'></div>"));
  });
});

Output:

When stepping through in the Developer Tools, it starts correctly with the text input, then clears the text input and replaces with the raw HTML text rather than with a new node.

I feel like I am missing or misunderstanding something, but I cannot find what exactly that is.

you are using the javascript version of .replaceWith(), you need to add $() to the item

$(item).replaceWith(("<div class='in-text'></div>"));

try this:

$(document).ready(function () {
  var inText = $("input[type='text']");

  inText.each(function (index) {
     var item = inText[index];
     $(item).replaceWith(("<div class='in-text'></div>"));
  });

});