salaryRent is higher than in 89% of U.S. cities. Household incomes are higher than in 93% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are long, about 35.2 minutes each way. Most homes (94.8%) are owned, so rentals can be hard to find. It is a highly educated city: 59.3% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $108,040 a year. That is $52 an hour at a full-time job.
Is rent cheaper than other Illinois cities?
No. Rent here is more expensive than in most of Illinois. It is number 315 of 334 cities from cheapest to most expensive.
How much do households earn in Frankfort?
Share of households by yearly income. 61.3% of households earn $100,000 or more.
Rent by apartment size in Frankfort
| Size | Frankfort | U.S. average |
|---|---|---|
| 2 bedrooms | $1,636 | $1,509 |
| 3 bedrooms | $2,820 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Frankfort overall?
Everyday prices in Illinois overall are same as the U.S. average (index 100.0, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Frankfort, so the Illinois figure is shown.
Taxes and bills in Frankfort
Life in Frankfort
Is it cheaper to rent or buy in Frankfort?
Renting is cheaper right now: about $638 a month less.
Owning assumes a typical $481,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $48,120 for the down payment.
Frequently asked questions
What is the average rent in Frankfort, IL?
Renting in Frankfort costs a median of about $2,701 a month in 2026, including utilities. The Illinois median is $1,517.
How much do I need to make to live in Frankfort?
To keep rent under 30% of income, you need about $108,040 a year, or $52 an hour at a full-time job.
Is Frankfort cheap or expensive?
Frankfort is rated Cheap: rent takes 19.5% of the typical household income of $166,493. It ranks 315th cheapest of 334 Illinois cities we track.
How much are property taxes in Frankfort?
The median homeowner in Frankfort pays $10,000+ a year in property taxes, about 2.08% of the median home value.
Is Frankfort more expensive than the national average?
Overall prices in Illinois are same as the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Frankfort?
The median home value in Frankfort is $481,200, about 2.9 times the typical yearly household income.
20,651 people live in Frankfort. Numbers are typical (middle) values.