| Index | Frankfort | Illinois | National |
| Cost of living | 129 | 98 | 100 |
| Groceries | 102 | 100 | 100 |
| Health care | 100 | 100 | 100 |
| Housing | 194 | 95 | 100 |
| Transportation | 105 | 101 | 100 |
| Utilities | 102 | 99 | 100 |
| Lifestyle & Entertainment | 102 | 100 | 100 |
| Household Items | 98 | 100 | 100 |
| Education & Childcare | 94 | 100 | 100 |
The cost of living in Frankfort affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Frankfort is 129, which is 29% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you're in pursuit of an economical living environment, Frankfort may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Frankfort falls within this bracket.
When it comes to the cost of living in Frankfort, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 93.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Frankfort an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Frankfort, the median home price is 111.6% higher than what most folks pay across the country, and monthly rent prices are 52.4% higher than the usual rates. Income levels in Frankfort come in at $208,825, which is 156.8% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday household expenses, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Frankfort, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 4.95%.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Frankfort, the housing index is 93.9% higher than the national average.
Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.
The cost of living estimates displayed for Frankfort are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $214,500 | $17,875 | $5,005 | $6,436 |
| Renters | $82,155 | $6,846 | $1,917 | $2,465 |
| State | General Sales Tax | With Max Surtax |
| Illinois | 6.25% | 10.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Illinois | 4.95% | 4.95% |
| City | Population | Cost of Living Index | National Avg. |
| Ford Heights, IL | 2,801 | 83 | 16.6% |
| Phoenix, IL | 1,450 | 85 | 14.6% |
| Dixmoor, IL | 3,663 | 87 | 12.6% |
| Harvey, IL | 24,931 | 87 | 13.2% |
| Sauk Village, IL | 10,669 | 89 | 10.7% |
| Frankfort, IL | 19,886 | 129 | 28.7% |
| City | Population | Cost of Living Index | National Avg. |
| Lake Forest, IL | 19,888 | 178 | 78.3% |
| Huntington, NY | 19,888 | 170 | 69.6% |
| Orinda, CA | 19,891 | 275 | 175.2% |
| Plattsburgh, NY | 19,892 | 98 | 2.0% |
| Colchester, Subd. B, NS | 19,895 | n/a | |
| Frankfort, IL | 19,886 | 129 | 28.7% |
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