Cost of Living in Frankfort, IN
Population 15,536 · Indiana · Data vintage 2023
(100 = US avg)
Frankfort sits on the smaller end of the Indiana city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible.
Frankfort is about 30 miles northwest of Carmel, the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 73% lower than Carmel's $456,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Frankfort
The median home value in Frankfort is $122,800 — 60% below the national median of $305,000. Median rent runs $888/month, 32% lower than the national median of $1,314/month. The median household income of $53,522/year is 28% lower than the US median of $74,580. The local unemployment rate is 4.0%, below the national average of 4.8%. Indiana's top state income tax rate is 3.0% and the combined sales tax is 7.0%. Overall, Frankfort has a cost of living index of 51 versus the US average of 100, meaning it is 49% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Frankfort, IN?
Frankfort has a cost index of 51 (100 = national average). It is 49% below the national average.
What is average rent in Frankfort, IN?
The median gross rent in Frankfort is $888 per month based on 2023 Census data.
What is the average home price in Frankfort?
The median home value in Frankfort is $122,800 according to Zillow and Census data.
What is the median income in Frankfort?
The median household income in Frankfort is $53,522 per year (2023 ACS 5-year estimates).
What is the sales tax in Frankfort, IN?
The combined state and local sales tax rate in Frankfort is 7.0%. The Indiana state income tax top rate is 3.0%.
Is Frankfort, IN affordable?
Yes, Frankfort is generally considered affordable, with a cost of living index of 51 — about 49% below the US national average of 100.
Frankfort at a Glance
- Population
- 15,536
- Median Income
- $53,522
- Home Value
- $122,800
- Median Rent
- $888/mo
- Unemployment
- 4.0%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Indiana Rankings
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