Frankfort, IN
Population 15,536 · Indiana
About Frankfort, IN
Frankfort is a mid-sized city located in Indiana with a population of 15,536 residents according to the latest US Census Bureau American Community Survey data. The median household income is $53,522 per year, which is 29% below the national median of $75,149. The median age of 35.1 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Frankfort features a median home value of $122,800, which is 50% below the national median of $244,900. This makes Frankfort one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $888, 24% below the national average of $1,163/month. Of the 6,519 total housing units, 59% are owner-occupied (3,442 units) and 41% are renter-occupied (2,420 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Frankfort shows an unemployment rate of 4.0%, which is near the national rate of 3.7%. The poverty rate stands at 11.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Frankfort have an average one-way commute time of 18.1 minutes, one of the shorter commutes in the region.
Education & Demographics
11.9% of Frankfort residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 29.2% White, 0.6% Hispanic or Latino, 0.1% Black or African American, and 2.3% Asian residents, with 15.2% of the population being foreign-born.
Cost of Living in Frankfort, IN
Compared to national averages, Frankfort has a median household income of $53,522 (29% below the national median of $75,149). Home values average $122,800, which is 50% below the national median. Monthly rent at $888 is 24% below the US average of $1,163. Within Indiana, Frankfort's income is 23% below the state average of $69,330, and home values are 25% below the state median of $163,409.
Why Live in Frankfort, IN?
Frankfort offers affordable housing with a median home value of $122,800, below the US average of $244,900, and rent that’s lower than the national average at $888/month, and a low poverty rate of 11.0%, better than the national average. Additionally, the city features short commute times averaging just 18.1 minutes.
Potential considerations include median household income ($53,522) that falls below the national average. However, Frankfort’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Frankfort has a population of 15,536 with a median age of 35.1 years. Compare Frankfort with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Frankfort
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| New Haven | 15,339 | $67,121 | $151,200 | Compare |
| Beech Grove | 15,082 | $49,452 | $169,500 | Compare |
| Griffith | 16,228 | $76,009 | $200,400 | Compare |
| Cedar Lake | 14,686 | $79,177 | $259,900 | Compare |
| Dyer | 16,400 | $101,183 | $288,700 | Compare |
| Crawfordsville | 16,408 | $49,327 | $134,100 | Compare |
| Jasper | 16,421 | $65,283 | $203,300 | Compare |
| Warsaw | 16,592 | $57,170 | $175,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
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, IN?
The population of Frankfort, IN is 15,536 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Indiana.
What is the median household income in Frankfort?
The median household income in Frankfort, IN is $53,522 per year, which is 29% below the national median of $75,149.
What is the median home value in Frankfort?
The median home value in Frankfort, IN is $122,800, which is 50% below 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, IN is $888, which is 24% below the national average of $1,163/month.
What is the unemployment rate in Frankfort?
The unemployment rate in Frankfort, IN is 4.0%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Frankfort, IN a good place to live?
Frankfort offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 15,536 and a median age of 35.1, the city appeals to a broad range of residents.
How educated is Frankfort, IN?
11.9% of residents in Frankfort aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Frankfort?
Key cost-of-living indicators for Frankfort, IN: median home value is $122,800 (50% below national), median rent is $888/month, and median household income is $53,522. The home-value-to-income ratio is 2.3x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Frankfort?
The poverty rate in Frankfort, IN is 11.0%, 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, IN?
Frankfort's population is 29.2% White, 0.6% Hispanic or Latino, 0.1% Black or African American, 2.3% Asian, and 0.9% two or more races. 15.2% of residents are foreign-born.