| Index | Frankfort | Indiana | National |
| Cost of living | 84 | 89 | 100 |
| Groceries | 99 | 97 | 100 |
| Health care | 98 | 97 | 100 |
| Housing | 57 | 72 | 100 |
| Transportation | 95 | 96 | 100 |
| Utilities | 94 | 96 | 100 |
| Lifestyle & Entertainment | 94 | 95 | 100 |
| Household Items | 96 | 98 | 100 |
| Education & Childcare | 89 | 94 | 100 |
Getting a feel for the cost of living in Frankfort is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Frankfort is 84, which is 16% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Frankfort stands out by reporting housing costs that are 43.2% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Frankfort can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
Is Frankfort affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Frankfort, the median home price is 51.4% lower than the national average and monthly rent prices are 24.2% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Frankfort boasting a median household income of $63,404, 22% lower than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Frankfort, is 43.2% lower than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Frankfort, the groceries index is 0.8% lower than the national average.
The Frankfort cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $82,001 | $6,833 | $1,913 | $2,460 |
| Renters | $43,665 | $3,639 | $1,019 | $1,310 |
| State | General Sales Tax | With Max Surtax |
| Indiana | 7% | 7% |
| State | Income Tax (Low) | Income Tax (High) |
| Indiana | 3.15% | 3.15% |
| City | Population | Cost of Living Index | National Avg. |
| Clarks Hill, IN | 801 | 81 | 19.0% |
| Buck Creek, IN | 266 | 81 | 18.6% |
| Kirklin, IN | 1,162 | 83 | 16.6% |
| Burlington, IN | 664 | 84 | 15.6% |
| Darlington, IN | 913 | 85 | 15.3% |
| Frankfort, IN | 15,906 | 84 | 16.0% |
| City | Population | Cost of Living Index | National Avg. |
| Powder Springs, GA | 15,899 | 103 | 3.1% |
| Middleburg Heights, OH | 15,913 | 95 | 5.3% |
| Wilkinsburg, PA | 15,913 | 91 | 9.4% |
| Welby, CO | 15,922 | 117 | 17.0% |
| Comox, BC | 15,938 | n/a | |
| Frankfort, IN | 15,906 | 84 | 16.0% |
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