Cost of Living and Housing in Frankfort, Illinois

Frankfort has about 20,651 residents. Median gross rent is $2,442 per month and median household income is $154,375.

Comparison scope: “dataset median” below means the median among 1,211 cities across 10 states in this dataset. It is not presented as a nationwide Census median. The figures use 2020-2024 ACS 5-Year estimates and may lag current listings.

Median Gross Rent $2,442/mo 48% above the dataset median

Median Home Value $481,200 29% above the dataset median

Median Household Income $154,375 84% above the dataset median

Owner-Occupied Homes 95% Share of occupied housing units

Rent-to-Income Baseline 19% Annual median rent ÷ household income

Home Value-to-Income 3.1x Median value ÷ household income

How Frankfort compares

Rent is 48% above the dataset median, while household income is 84% above the dataset median. Within Illinois, Frankfort ranks #122 from lowest to highest rent and #6 from highest to lowest household income among 123 cities in this dataset.

The rent-to-income figure compares two citywide medians. It is useful for broad comparison, but it is not an individual household budget or a measure of renter cost burden.

Similar-size cities in Illinois

Frequently asked questions

What is the median rent in Frankfort?

Median gross rent is $2,442 per month in the 2020-2024 ACS 5-Year estimates.

What is the median home value in Frankfort?

The median value of owner-occupied homes is $481,200 in the 2020-2024 ACS 5-Year estimates.

What is the median household income?

Median household income in Frankfort is $154,375 per year.

Source: U.S. Census Bureau, 2020-2024 ACS 5-Year Estimates. Local database refreshed 2026-07-11.