In Frankfort, a typical home is worth $481,200 and typical rent is $2,442 a month. Compared with all of Will County, typical rent is 67% higher, the typical home value is 51% higher, and the share of households that own their home is 12 points higher.
Typical home value from Zillow, September 2021 to September 2026: from $379,099 to $501,010.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Frankfort is in Will County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Will County. See the county
What this place has that others do not, from public data, most unusual first.
1
The typical rent in Frankfort is $2,442 a month, 67% more than in Will County as a whole ($1,462).
2
Nearby, in Mokena, the typical rent is $1,254: 49% less than in Frankfort ($2,442).
3
The typical home in Frankfort is worth $481,200,51% more than in Will County as a whole ($319,600).
4
Nearby, in Orland Hills, the typical home value is $280,300: 42% less than in Frankfort ($481,200).
5
Frankfort has the 14th highest homeownership rate of the 337 cities in Illinois with more than 5,000 people (95%).
6
The typical household income in Frankfort is $154,375,40% more than in Will County as a whole ($109,984).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Frankfort
What homes there are in Frankfort, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Frankfort
Will County
Illinois
United States
Kind of home: Frankfort and its comparisons
Measure
Frankfort
Will County
Illinois
United States
Detached house
81%
74%
58%
61%
Attached house
14%
11%
6%
6%
Building of 2 to 4
Unreliable estimate
5%
12%
8%
Apartments (5 or more)
Unreliable estimate
8%
22%
19%
Mobile home
Unreliable estimate
1%
2%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Detached houses, standing on their own, make up 81% of homes here, against 74% in Will County.
Year built
Before 19601960–19791980–19992000–20092010 or later
Frankfort
Will County
Illinois
United States
Year built: Frankfort and its comparisons
Measure
Frankfort
Will County
Illinois
United States
Before 1960
6%
15%
38%
26%
1960–1979
18%
22%
26%
24%
1980–1999
29%
30%
20%
25%
2000–2009
35%
26%
11%
14%
2010 or later
13%
8%
6%
11%
Here half of the homes date from 1999 or later; in Will County, from 1992 or later.
In Frankfort, 91% of homes have 3 bedrooms or more, more than in Will County (75%).
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200KUnreliable
$200K–$300K10%
$300K–$500K41%
$500K–$750K38%
$750K–$1M7%
$1M or moreUnreliable
Value of owner-occupied homes: Frankfort and its comparisons
Measure
Frankfort
Under $100K
Unreliable estimate
$100K–$200K
Unreliable estimate
$200K–$300K
10%
$300K–$500K
41%
$500K–$750K
38%
$750K–$1M
7%
$1M or more
Unreliable estimate
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$999Unreliable
$1,000–$1,499Unreliable
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Frankfort and its comparisons
Measure
Frankfort
Under $500
Unreliable
$500–$999
Unreliable estimate
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
With a mortgage
$3,128 a month
Will County: $2,255 a month
Without a mortgage
$1,338 a month
Will County: $971 a month
Owners with a mortgage
65%
Will County: 69%
In Frankfort, 65% of owners have a mortgage, and their typical cost is $3,128 a month, against $2,255 in Will County. Without one it drops to $1,338.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Frankfort+25%
Will County+38%
Illinois+35%
United States+53%
Typical rent
Frankfort+97%
Will County+24%
Illinois+26%
United States+33%
Typical household income
FrankfortNo clear change
Will County+27%
Illinois+27%
United States+29%
Change since 2015–2019: Frankfort and its comparisons
Measure
Frankfort
Will County
Illinois
United States
Typical home value
+25%
+38%
+35%
+53%
Typical rent
+97%
+24%
+26%
+33%
Typical household income
No clear change
+27%
+27%
+29%
The typical home value in Frankfort rose 25% since 2015–2019, less than in Will County (38%).
Since 2015–2019, the typical rent in Frankfort rose 97%, more than in Will County (24%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Frankfort and its comparisons
Measure
Frankfort
Will County
Illinois
United States
Rental vacancy
Unreliable estimate
3.7%
5.0%
5.5%
Homeowner vacancy
Unreliable estimate
0.5%
1.0%
0.9%
More than one person per room
Unreliable estimate
2.1%
2.5%
3.4%
People per household
3.02
2.84
2.46
2.53
Drive alone
69%
73%
66%
69%
Carpool
Unreliable estimate
8%
8%
9%
Public transit
4%
2%
6%
3%
Walk or bike
Unreliable estimate
1%
3%
3%
Work from home
24%
15%
16%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
30 to 39 minutes
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
Households in Frankfort are bigger: 3.02 people on average; in Will County, 2.84.
In Frankfort, 24% of workers work from home, more than in Will County (15%).
Do the math
What would you pay each month for a home in Frankfort?
A typical home is tight for the typical income
We start with a typical home in Frankfort, worth $481,200, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 35% of the typical household income in Frankfort, which is $154,375 a year. For that payment to be 28% of income, a household would need to earn about $190,636 a year.
The calculator's FHA and conventional loan limits are those of all of Will County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Frankfort. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $16,842 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$4,448
at 7.18% · 30 years
Loan amount
$472,484
Total interest
$679,794
Paid off in
November 2056
Includes $8,126 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $3,602 a month
Tight
$3,602 to $4,631 a month
Your payment · 35%
Hard
more than $4,631 a month
Compared with the typical household income in Frankfort ($154,375 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$3,201
Property tax
$834
Home insurance
$201
FHA mortgage insurance (MIP)
$213
You need at least $16,842 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $4,448; principal and interest $3,201.
The city and its county
Frankfort and Will County
Frankfort is in Will County, Illinois. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Frankfort
Map of Will County, Illinois, with Frankfort marked. Around it, the neighboring counties.
Frankfort
Will County
Other cities with a page
Frankfort's own numbers
Typical home value
$481,200
Typical monthly rent
$2,442
Typical yearly household income
$154,375
Households that own their home
95%
Effective property tax rate
2.08%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Will County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$2,011
Price change over 5 years (FHFA)
+53%
Homes in a high flood-risk zone
1.5%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Will County.
A typical home in Frankfort is worth $481,200: 51% above the county and 83% above Illinois. With the typical household income in Frankfort ($154,375 a year), a typical home costs 3.1 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Frankfort3.1 years
Will2.9 years
Illinois3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Will County
According to FHFA’s house price index, home prices in Will County rose 79% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Will County.
Yearly change in FHFA’s price index in Will County, 2016 to 2025
2016: +3.5% +3.5% 2016
2017: +4.0% +4.0% 2017
2018: +4.1% +4.1% 2018
2019: +3.1% +3.1% 2019
2020: +1.3% +1.3% 2020
2021: +9.9% +9.9% 2021
2022: +14.1% +14.1% 2022
2023: +8.8% +8.8% 2023
2024: +7.0% +7.0% 2024
2025: +4.6% +4.6% 2025
Change in FHFA’s price index in Will County, Illinois and the United States
Period
County
Illinois
U.S.
Last year (2025)
+4.6%
+5.7%
+2.9%
5 years (2020–2025)
+53%
+47%
+47%
10 years (2015–2025)
+79%
+65%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Frankfort next to Will County, Illinois and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Frankfort$481,200
Will$319,600
Illinois$263,300
United States$332,700
Typical monthly rent
Frankfort$2,442
Will$1,462
Illinois$1,274
United States$1,413
Typical yearly household income
Frankfort$154,375
Will$109,984
Illinois$83,390
United States$80,734
See the full table
Frankfort next to Will County and Illinois
Measure
Frankfort
Will County
Illinois
U.S.
Typical home value
$481,200 ▲51% above the county
$319,600
$263,300
$332,700
Typical monthly rent
$2,442 ▲67% above the county
$1,462
$1,274
$1,413
Typical yearly household income
$154,375 ▲40% above the county
$109,984
$83,390
$80,734
Households that own their home
95% ▲12 points above the county
83%
67%
65%
Typical yearly property tax
$10,001 ▲39% above the county
$7,173
$5,298
$3,119
Effective property tax rate
2.08% ▼0.16 points below the county
2.24%
2.01%
0.94%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Will County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Frankfort
For a typical $481,200 home in Frankfort, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Frankfort's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$4,448a month
Least cash to close
Down payment
$16,842
Cash to close
$31,278
Rate
7.18%
Mortgage insurance
FHA MIP · $213
Conventional, 5% down$4,360a month
Down payment
$24,060
Cash to close
$38,496
Rate
7.18%
Mortgage insurance
PMI · $229
Conventional, 20% down, no PMI$3,642a month
Down payment
$96,240
Cash to close
$110,676
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$4,087a month
Down payment
$72,180
Cash to close
$86,616
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Frankfort
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$4,448
$16,842
$472,484
7.18%
FHA MIP · $213
$31,278
580
Conventional, 5% down
$4,360
$24,060
$457,140
7.18%
PMI · $229
$38,496
620*
Conventional, 20% down, no PMI
$3,642
$96,240
$384,960
7.18%
None
$110,676
620*
ITIN, 15% down (example)
$4,087
$72,180
$409,020
8.18%
None
$86,616
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Frankfort is $2,442 a month: 67% above the county.
HUD publishes a fair market rent for all of Will County, by unit size. To pay the 2-bedroom one ($2,011 a month) without spending more than 30% of your income, you would need to earn $38.67 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Will County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,678
$32.27
$67,120
1 bedroom
$1,780
$34.23
$71,200
2 bedrooms
$2,011
$38.67
$80,440
3 bedrooms
$2,586
$49.73
$103,440
4 bedrooms
$2,954
$56.81
$118,160
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Frankfort
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Frankfort is in ZIP code 60423.
For 2 bedrooms it is $2,060: $49 more than the fair market rent for Will County ($2,011).
Fair market rent by ZIP code and size in Frankfort, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
60423
$1,720
$1,820
$2,060
$2,650
$3,030
ZIP code2 bd3 bd
60423 $2,060$2,650
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Frankfort when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Will County; 1 says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Frankfort or Will County. The ones below are statewide in Illinois: they work in Frankfort the same as in the rest of the state.
IHDA second loan with no payments until you sell or refinance, for the down payment in Illinois.Offered by Illinois Housing Development Authority (IHDA).
No legal help resource on our list is for Frankfort or Will County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Frankfort and all of Will County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Frankfort?
The typical home value in Frankfort is $481,200, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Will County it is $319,600.
How much does it cost to rent in Frankfort?
Typical rent in Frankfort is $2,442 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Will County is $2,011.
What is the FHA loan limit in Frankfort?
Frankfort uses the FHA limit for all of Will County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Frankfort?
The typical homeowner in Frankfort pays $10,001 a year, according to the U.S. Census Bureau. That is 2.08% of the home’s value; in Will County, the rate is 2.24%.
Where can I find free help to buy or rent in Frankfort?
There is 1 HUD-approved counseling agency with an office in Will County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.
