Living in Frankfort, Illinois
Cost of living, income, home prices, rent and demographics of Frankfort · Census data 2020–2024
Frankfort has 20,651 residents with a median age of 42.2. The median household income is $154,375 (85% higher than the Illinois median), the median home value is $481,200, the median rent is $2,442/month.
Frankfort at a glance
- Population
- 20,651
- Median age
- 42.2State: 39
- Median household income
- $154,375State: $83,390
- Median home value
- $481,200State: $263,300
- Median rent
- $2,442/moState: $1,274
- Homeowners
- 94.8%
- Bachelor's degree or higher
- 59.3%
- Average commute
- 35 min
Is Frankfort a good place to live?
Pros: Median household income 85% higher than the Illinois median; unemployment of 4.1%; a poverty rate of 3.2%.
Cons: Home values 83% higher than the state median; an average commute of 35 minutes.
The weather is best in June to September.
Cost of living in Frankfort
Housing is the biggest part of the cost of living. In Frankfort the median home value is $481,200, 45% higher than the U.S. median. Renters pay a median of $2,442 per month, which is 28.4% of household income. Homeowners with a mortgage pay $3,128 a month in housing costs.
Frankfort median household income
The median household income in Frankfort is $154,375 and the income per person is $62,793. 3.2% of residents live below the poverty line (Illinois: 11.8%).
Housing in Frankfort: homes for sale and rent
- Housing units
- 7,043
- Owner-occupied
- 94.8%
- Renter-occupied
- 5.2%
- Vacant
- 3.6%Includes seasonal homes
- Median year built
- 1999
- Average household size
- 3.02
Frankfort demographics
- Population
- 20,651
- Median age
- 42.2
- Under 18
- 28.5%
- 65 and older
- 16.7%
- Households
- 6,789
- Foreign-born
- 6.2%
- Veterans
- 4.1%Adults 18+
Hispanic or Latino can be of any race. Population history of Frankfort ›
Education in Frankfort
59.3% of adults 25 and older in Frankfort have a bachelor's degree or higher (Illinois: 37.8%), and 28.3% have a graduate or professional degree.
Jobs and commute in Frankfort
- Unemployment rate
- 4.1%State: 5.8%
- Average commute
- 35 minState: 28 min
- Work from home
- 23.6%
- Drive alone
- 69.1%
- Public transit
- 3.6%
- Walk to work
- 0%
- Homes with broadband
- 94.5%
Frankfort vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Frankfort | 20,651 | $154,375 | $481,200 | $2,442 |
| Mokena | 20,021 | $123,889 | $401,400 | $1,254 |
| Arbury Hills | 1,519 | $99,091 | $230,200 | — |
| Frankfort Square | 9,560 | $126,897 | $305,800 | $1,622 |
| New Lenox | 28,006 | $140,865 | $399,900 | $1,431 |
| Tinley Park | 54,842 | $105,189 | $299,900 | $1,495 |
| Orland Hills | 6,719 | $122,039 | $280,300 | $1,359 |
| Matteson | 18,645 | $95,457 | $250,600 | $1,580 |
| Orland Park | 57,916 | $98,910 | $367,200 | $1,440 |
More for people moving to Frankfort
Frankfort ZIP code ›Weather and climate ›Living in Frankfort: FAQ
What is the median household income in Frankfort, IL?
The median household income in Frankfort is $154,375, 85% higher than the Illinois median of $83,390 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Frankfort?
The median home value in Frankfort is $481,200, compared with $263,300 in Illinois.
How much is rent in Frankfort?
The median gross rent in Frankfort is $2,442 per month, about 28.4% of household income.
Is Frankfort, IL a good place to live?
Pluses: median household income 85% higher than the Illinois median; unemployment of 4.1%; a poverty rate of 3.2%. Minuses: home values 83% higher than the state median; an average commute of 35 minutes.
What is the median age in Frankfort?
The median age in Frankfort is 42.2 years (Illinois: 39).
How long is the commute in Frankfort?
The average commute to work in Frankfort is 35 minutes; 23.6% of workers work from home.
What is the unemployment rate in Frankfort?
The unemployment rate in Frankfort is 4.1% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Frankfort?
59.3% of adults in Frankfort have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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