Frankfort, IL
Population 20,417 · Illinois
About Frankfort, IL
Frankfort is a mid-sized city located in Illinois with a population of 20,417 residents according to the latest US Census Bureau American Community Survey data. The median household income is $153,714 per year, which is 105% above the national median of $75,149. The median age of 41.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Frankfort features a median home value of $461,600, which is 88% above the national median of $244,900. This places Frankfort in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $2,175, 87% above the national average of $1,163/month. Of the 6,922 total housing units, 95% are owner-occupied (6,244 units) and 5% are renter-occupied (346 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Frankfort shows an unemployment rate of 3.6%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Frankfort have an average one-way commute time of 33.1 minutes.
Education & Demographics
59.2% of Frankfort residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 4.3% White, 0.1% Hispanic or Latino, 0.4% Black or African American, and 0.8% Asian residents, with 7.3% of the population being foreign-born.
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.
Compare Frankfort With Other Cities
Frequently Asked Questions about Frankfort
What is the population of Frankfort, IL?
The population of Frankfort, IL is 20,417 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Illinois.
What is the median household income in Frankfort?
The median household income in Frankfort, IL is $153,714 per year, which is 105% above the national median of $75,149.
What is the median home value in Frankfort?
The median home value in Frankfort, IL is $461,600, which is 88% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Frankfort?
The median monthly rent in Frankfort, IL is $2,175, which is 87% above the national average of $1,163/month.
What is the unemployment rate in Frankfort?
The unemployment rate in Frankfort, IL is 3.6%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Frankfort, IL a good place to live?
Frankfort offers above-average incomes, a competitive housing market, and a strong job market. With a population of 20,417 and a median age of 41.8, the city appeals to a broad range of residents.
How educated is Frankfort, IL?
59.2% of residents in Frankfort aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Frankfort?
Key cost-of-living indicators for Frankfort, IL: median home value is $461,600 (88% above national), median rent is $2,175/month, and median household income is $153,714. The home-value-to-income ratio is 3.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Frankfort?
The poverty rate in Frankfort, IL is 4.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Frankfort, IL?
Frankfort's population is 4.3% White, 0.1% Hispanic or Latino, 0.4% Black or African American, 0.8% Asian, and 10.8% two or more races. 7.3% of residents are foreign-born.