A+
8%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
25%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Frankfort Kentucky National
Cost of living9290100
Goods & Services101101100
Groceries101101100
Health care8484100
Housing7570100
Transportation9292100
Utilities104104100

An Overview of Cost of Living in Frankfort, KY

Getting a feel for the cost of living in Frankfort is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Frankfort is 92, which is 8% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Frankfort is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Frankfort Affordable?

Is Frankfort an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Frankfort, the median home price is 28.3% lower than what most folks pay across the country, and monthly rent prices are 17.9% lower than the usual rates. Income levels in Frankfort come in at $50,602, which is 8.5% lower than the national average.

What Factors can Influence the Cost of Living in Frankfort?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Frankfort, the healthcare costs are 16.3% lower than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Frankfort, the groceries index is 1.3% higher than the national average.

Where is the Data From?

The Frankfort cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Frankfort is 2% higher than the Kentucky average
  • The cost of living in Frankfort is 8% lower than the national average
  • Frankfort housing is 25% lower than the national average
  • Kentucky general sales tax is 18% higher than the national average
  • Kentucky state income tax is 73% higher than the national average

Most Affordable Places to Live in and Around Frankfort

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Compare Frankfort, KY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$71,742$5,979$1,674$2,152
      Renters$37,415$3,118$873$1,123
      A good way to judge both the affordability of the housing and the cost of living in Frankfort is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Frankfort has a median income of about $71,742 for people who own homes. Based on that number, a maximum of $1,674 should be spent on expenses related to housing. Renters have a slightly different median income, which is $37,415. Based on this average, renters should spend no more than $873 on all rental costs if they want to maintain a non-impoverished standard of living.

      Kentucky Sales Tax

      State General Sales Tax With Max Surtax
      Kentucky 6% 6%

      Kentucky Income Tax

      State Income Tax (Low) Income Tax (High)
      Kentucky 4.5% 4.5%

      Goods & Services

      Item Frankfort National avg. Difference
      Haircut $26.50$24.269.2%
      Beauty Salon $53.07$45.5616.5%
      Toothpaste $3.50$3.705.6%
      Shampoo $1.21$1.285.3%
      Movie $13.05$12.137.6%
      Bowling $21.91$18.0021.7%

      Groceries

      Item Frankfort National avg. Difference
      Ground Beef $6.07$5.844.0%
      Fried Chicken $1.40$1.5711.0%
      Milk $4.72$4.671.0%
      Potatoes $5.19$4.935.1%
      Pizza $10.35$12.0914.4%
      Beer $9.84$10.415.5%

      Health Care

      Item Frankfort National avg. Difference
      Optometrist $87.52$125.6830.4%
      Doctor $106.15$135.7821.8%
      Dentist $102.55$113.299.5%
      Ibuprofen $10.64$10.650.1%
      Lipitor $364.92$468.6022.1%

      Housing

      Item Frankfort National avg. Difference
      Home Price $132,500.00$184,700.0028.3%
      Avg. Mortgage Payment $1,809.12$2,346.6922.9%
      Apartment Rent $779.00$949.0017.9%

      Transportation

      Item Frankfort National avg. Difference
      Gasoline $3.11$3.4610.2%
      Tire Balancing $58.38$59.922.6%

      Utilities

      Item Frankfort National avg. Difference
      All Electricity $207.41$193.996.9%
      Phone $192.46$192.250.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Pleasureville, KY1,409918.9%
      Stamping Ground, KY992927.7%
      Lawrenceburg, KY11,416937.4%
      Versailles, KY9,251973.4%
      Midway, KY1,864981.6%
      Frankfort, KY27,705928.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Marion, IN27,7308020.0%
      Garfield Heights, OH27,6738515.2%
      Rockledge, FL27,7391076.6%
      Glen Ellyn, IL27,74113636.1%
      Oxford, MS27,6621011.4%
      Frankfort, KY27,705928.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.