Frankfort, IL

Very High · 157

Illinois · Population 20,417 · Updated March 2026

$2,175
Median Rent / Month
$153,714
Median Income
$461,600
Median Home Value
$2,514
Owner Costs / Month

Affordability

How far your income goes in Frankfort

17.0%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Illinois

State-level tax rates that affect your costs

4.95%
Income Tax (Top Rate)
6.25%
Sales Tax
2.07%
Property Tax Rate

Estimated Annual Costs

$26,100
Annual Rent
$7,609
State Income Tax
$9,555
Property Tax (est.)

Cost of Living Overview

Frankfort has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 157 (where 100 equals the national median), Frankfort residents can expect to pay median rent of $2,175/month while earning a median household income of $153,714/year.

The median home value in Frankfort, IL is $461,600, with typical monthly owner costs around $2,514 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Illinois has a moderate income tax rate of 4.95%. Combined with a 6.25% sales tax rate and 2.07% effective property tax rate, the overall tax environment is a factor in the total cost of living in Frankfort.

Frequently Asked Questions

Common questions about living costs in Frankfort

What is the cost of living in Frankfort, IL?
The cost of living index in Frankfort, IL is 157 (US average = 100). Median monthly rent is $2,175, median household income is $153,714/year, and the median home value is $461,600.
Is Frankfort, IL affordable?
No, Frankfort is more expensive than the national average with a cost index of 157. The rent-to-income ratio is 17.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Frankfort, IL?
The median gross rent in Frankfort, IL is $2,175 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $26,100.
What is the median household income in Frankfort?
The median household income in Frankfort, IL is $153,714 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Illinois?
Illinois has a top income tax rate of 4.95%, a sales tax of 6.25%, and an effective property tax rate of 2.07%.