Frankfort, IL
Population 20,417 · Illinois
About Frankfort, IL
Frankfort is a mid-sized city in Illinois with a population of 20,417 residents. The median household income is $153,714 per year, which is above the national average. The median age in Frankfort is 41.8 years.
Housing in Frankfort has a median home value of $461,600 and median monthly rent of $2,175. Of the 6,922 total housing units, the majority are owner-occupied, with 6,244 owner-occupied and 346 renter-occupied units.
The unemployment rate in Frankfort is 3.6% and the poverty rate is 4.4%. 59.2% of residents hold a bachelor's degree or higher. The average commute time is 33.1 minutes.
How Frankfort Ranks in Illinois
Cost of Living in Frankfort, IL
Compared to national averages, Frankfort has a median household income of $153,714 (105% above the national median of $75,149). Home values average $461,600, which is 88% above the national median. Monthly rent at $2,175 is 87% above the US average of $1,163. Within Illinois, Frankfort's income is 105% above the state average of $75,072, and home values are 178% above the state median of $165,779.
Why Live in Frankfort, IL?
Frankfort offers a strong local economy with a median household income of $153,714, well above the national average, and a strong job market with an unemployment rate of just 3.6%, and a well-educated community where 59.2% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 4.4%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $461,600. However, Frankfort’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Frankfort has a population of 20,417 with a median age of 41.8 years. Compare Frankfort with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Frankfort
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Libertyville | 20,493 | $162,270 | $499,300 | Compare |
| Grayslake | 20,707 | $113,697 | $293,900 | Compare |
| East Moline | 20,837 | $63,328 | $135,300 | Compare |
| Park Forest | 20,898 | $62,305 | $106,200 | Compare |
| Mokena | 19,906 | $129,017 | $377,100 | Compare |
| Dolton | 20,979 | $58,706 | $140,500 | Compare |
| Harvey | 19,831 | $41,091 | $86,100 | Compare |
| South Holland | 21,016 | $87,378 | $201,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Frankfort
What is the population of Frankfort, IL?
The population of Frankfort, IL is 20,417 according to the latest Census data.
What is the median household income in Frankfort?
The median household income in Frankfort, IL is $153,714 per year.
What is the median home value in Frankfort?
The median home value in Frankfort, IL is $461,600.
What is the average rent in Frankfort?
The median monthly rent in Frankfort, IL is $2,175.
What is the unemployment rate in Frankfort?
The unemployment rate in Frankfort, IL is 3.6%.