Frankfort, IL—60423
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Frankfort, IL
As of Oct '25, the median home price in Frankfort, IL is $486,000, with a year-over-year change of 3.6%. This indicates that home prices in Frankfort, IL are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $486,000 | 3.6% |
| Single Family | $495,000 | 3.8% |
| Condos | $298,000 | 3.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $316,000 | 2.6% |
3 Bed | $381,000 | 3.5% |
4 Bed | $586,000 | 4.1% |
| 5 Bed | $671,000 | 2.9% |
% of Housing Stock
Rental Trends — Frankfort, IL
As of July '25, Rentcast reports the average rent in Frankfort, IL is $2,690, with a year-over-year rent change of 4.3%. Per bedroom, the median rent as of July '25 in Frankfort, IL is 1-bedrooms: $1,650, 2-bedrooms: $2,080, 3-bedrooms: $2,500, 4-bedrooms: $4,040. The most common rental property sizes in Frankfort, IL are 2-bedroom and 3-bedroom, accounting for 39.1% and 28.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,420 | $2,690 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,500 | $1,650 |
| 2 Bed Rent | $1,800 | $2,080 |
| 3 Bed Rent | $2,550 | $2,500 |
| 4 Bed Rent | $3,000 | $4,040 |
% of Rental Stock
Property Listings — Frankfort, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Frankfort, IL is 38. This is a decrease of -9.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $579,000 | -1.0% |
Listing Count | 109 | -15.0% |
| Listings as % of Homes | 0.7% | -15.0% |
Days on Market | 38 | -9.0% |
Demographics — Frankfort, IL
As of the latest ACS Survey released in 2023, Frankfort, IL has a population of 32,800, which has increased by 6.1% over the past 5 years. Frankfort, IL is a popular place for families, as children make up 26.7% of the population. The area has a highly educated workforce, with 48.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,800 | 6.1% |
% Under 18 | 26.7% | 3.9% |
% Seniors | 16.0% | 6.7% |
% WFH | 16.8% | 205.5% |
% w/ College Degree | 48.3% | 5.5% |
As of the latest ACS Survey released in 2023, Frankfort, IL is a predominantly white area, with 76.8% of the population identifying as white. The white population has shrunk by 10.2% in the last 5 years. The second most common race or ethnicity in Frankfort, IL is black, making up 8.0% of the population. Foreign-born residents account for 6.4% of the population in Frankfort, IL, and this percentage has increased by 23.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.8% | -10.2% |
% Black | 8.0% | 56.9% |
% Hispanic | 7.8% | 36.8% |
% Asian | 2.3% | -17.9% |
% Foreign Born | 6.4% | 23.1% |
Mortgage and Risk — Frankfort, IL
According to HUD data as of 2023, there were 583 mortgage originations in Frankfort, IL, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Frankfort, IL. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 583 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Frankfort, IL
As of 2024, the percent of homes in Frankfort, IL under the Section 8 program is 4.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Frankfort, IL, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 32 |
Total Units Section 8 | 32 |
% Rentals under Section 8 | 4.1% |
% Occupied Section 8 | 80.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $1,500 | $1,640 |
| 2 Bedroom | $50 | $1,800 | $1,850 |
| 3 Bedroom | -$170 | $2,550 | $2,380 |
| 4 Bedroom | -$210 | $3,000 | $2,790 |
Affordability — Frankfort, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $486,000 |
| Median Household Income | $138,000 |