Frankfort cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexFrankfortIndianaNational
Cost of living index8188100
IndexFrankfortIndianaNational
Goods & Services index9795100
Groceries index8792100
Health care index9595100
Housing index5373100
Transportation index8993100
Utilities index9593100
Displayed above is a general overview of the Frankfort, IN cost of living index. The overall cost of living index in Frankfort, IN is 81, which is 7% lower than the Indiana average and 19% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Frankfort, IN are 2% higher than the Indiana average and 3% lower than the national average.

Did you know?

  • The cost of living in Frankfort is 7% lower than the Indiana average.
  • The cost of living in Frankfort is 19% lower than the national average.
  • The cost of housing in Frankfort is 47% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 48% higher than the national average.

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Salary Calculator

This is how much you would need to earn in
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Cost of living index
Goods & Services index
Groceries index
Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Frankfort, IN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Frankfort, IN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Frankfort, IN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$49,965$4,164$1,166$1,499
Renters$29,192$2,433$681$876
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Frankfort, IN, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Frankfort, IN homeowners have a median income of $49,965. Using that number, you will come up with a maximum of $1,166 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $29,192, which means there is a maximum of $681 to be spent on the costs of renting a home or apartment.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
For those who live in Frankfort, IN and want to know what the true cost of living is, they ought to look at both the Indiana income tax rate and the Indiana sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Indiana, the sales tax is 7%, while the most you'll pay in surtax is 7%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Indiana, the income tax rate ranges between 3.3% to 3.3%.

Goods & Services

ItemFrankfortNational avg.Difference
Haircut $12.50$14.5914.3%
Beauty Salon $25.00$34.6827.9%
Toothpaste $2.48$2.470.3%
Shampoo $0.99$1.023.1%
Movie $9.50$9.873.7%
Bowling $2.25$4.3948.8%

Groceries

ItemFrankfortNational avg.Difference
Ground Beef $2.76$4.4838.3%
Fried Chicken $0.92$1.4637.2%
Milk $2.08$2.3611.7%
Potatoes $2.95$3.063.6%
Pizza $12.59$9.2436.2%
Beer $8.62$8.630.1%

Health Care

ItemFrankfortNational avg.Difference
Optometrist $86.67$99.7813.1%
Doctor $85.00$105.0319.1%
Dentist $95.00$88.707.1%
Ibuprofen $9.72$9.413.3%
Lipitor $269.01$298.509.9%

Housing

ItemFrankfortNational avg.Difference
Home Price $81,100.00$175,700.0053.8%
Avg. Mortgage Payment $756.50$1,081.0330.0%
Apartment Rent $628.00$920.0031.7%

Transportation

ItemFrankfortNational avg.Difference
Gasoline $1.88$2.0910.0%
Tire Balancing $38.32$45.2915.4%

Utilities

ItemFrankfortNational avg.Difference
All Electricity$162.17$170.805.1%
Phone $26.90$28.264.8%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Buck Creek, IN20276-24%
Clarks Hill, IN59280-20%
Colfax, IN75481-19%
Stockwell, IN51382-18%
Darlington, IN75782-18%
Frankfort, IN16,48881-19%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Highland, UT16,49113434%
Morton, IL16,49398-2%
Burlington, KY16,47993-7%
Red Wing, MN16,50299-1%
Danville, KY16,47189-11%
Frankfort, IN16,48881-19%
Source: The Frankfort, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.