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City Report · IN

Frankfort

Pop. 15,917·64th most expensive in Indiana·One of the most affordable rental markets in the US
Median rent (all units)
$763/mo
Year-over-Year
Stable
Month-over-Month
+1.5%
vs US Median
-$1,202
Rising (Monthly)
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Most AffordableMost Expensive
Frankfort · $763
More affordable than 100% of US cities · National median $1,965/mo
Affordability
16% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $763/mo, rent takes about 16% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$31,000/yr
Local median income
$57,412/yr
Based on the 30%-of-income rule using Frankfort's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$517
1 BR
$604
2 BR
$709
3 BR
$924
4 BR+
$1,115
Research median
$709/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$9,156/yr
At $763/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.0% YoY, +1.5% MoM), not inventory.
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Demographics

Who lives here

Frankfort, IN is majority owner-occupied, has a large share of families with children, has a median income below the national average, 11.5% of residents hold a bachelor's degree or higher.

Population
15,917
Median income
$57,412
Median age
33.2
Renters
39.8%
Age distribution
28%
24%
23.1%
13%
Under 1828%
18–3424%
35–5423.1%
55–6411.9%
65+13%
Gender
48.3%
51.7%
Male48.3%
Female51.7%
Race & ethnicity
69.3%
34.4%
White69.3%
Black0.9%
Hispanic34.4%
Asian0.5%
Education (25+)
19.8%
42.8%
26%
No HS diploma19.8%
HS diploma42.8%
Some college26%
Bachelor's+11.5%
Housing tenure
60.2%
39.8%
Owner60.2%
Renter39.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Frankfort, IN has changed in 5 years

Income
$46,236 → $57,412
up 24.2%
Population
16,134 → 15,917
down 1.3%
Renter share
41.4% → 39.8%
-1.6 pts
Bachelor's+
11.8% → 11.5%
-0.3 pts
Median age
34.9 → 33.2
-1.7 yrs

Local incomes tracked alongside that move, going from a median of $46,236 in 2021 to $57,412 more recently. Headcount in the area went from 16,134 to 15,917 between 2021 and 2024, a 1.3% change. About 39.8% of households rent today, against 41.4% in 2021.

Community

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View Frankfort rent history (2015–2026) →
Salary vs rent

Can you afford rent in Frankfort on your salary?

At $763/mo, how Frankfort rent compares to typical pay (30% rule).

By apartment size

Frankfort rent by bedroom count

Median rent for each apartment size in Frankfort. Click any size for full breakdown.

Local insights

Tips for renters in Frankfort

About renting in Frankfort, IN

Last updated: July 20, 2026

The median rent in Frankfort is $763/mo as of July 2026. A studio apartment averages $517/mo while a 2-bedroom runs $709/mo. One-bedroom apartments average $604/mo and 3-bedroom units go for $924/mo.

At 16% of local median household income ($57,412/yr), Frankfort ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Frankfort an affordable city for renters?

Frankfort is considered very affordable for renters. At $763/mo, rent takes approximately 16% of the local median household income ($57,412/yr). The standard benchmark is 30%. Frankfort falls comfortably within that range.

How much income do you need to rent in Frankfort?

To keep rent at or below 30% of gross income, you would need to earn at least $31,000/year (~$15/hour full-time) to afford the median rent of $763/mo in Frankfort. The local median household income is $57,412/yr, meaning the typical Frankfort household meets that threshold.

Is rent going up or down in Frankfort?

Rent in Frankfort has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Frankfort rent compare to other cities in Indiana?

Frankfort is one of the more affordable cities in Indiana for rent, ranking #64 out of 65 tracked cities at $763/mo.

What percentage of Frankfort residents rent vs. own?

According to Census data, approximately 39.8% of Frankfort households are renters, while 60.2% are owner-occupied. Frankfort leans toward homeownership, which can mean a smaller rental inventory.

How does Frankfort rent compare to the national average?

Frankfort's median rent of $763/mo is $1,202 (61%) below the US national median of $1,965/mo. Within Indiana, it ranks #64 out of 65 tracked cities.
Income Affordability
16%
VERY AFFORDABLE

At $763/mo, rent takes ~16% of Frankfort's median household income ($57,412/yr). The standard benchmark is 30%.

Frankfort 16%Benchmark 30%
State income tax3.05%
Run the Frankfort affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Frankfort, IN

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