Median Age
44 Years
Largest Age Group
10-19 Years
Approximately 15% of Residents
Under 20
25%
Over 65
20%
Avg Rent
$1,090
Population
22,011
Renter Mix
6% Rent
Frankfort has earned the nickname the "Jewel of the South Suburbs" for good reason: its preserved historic downtown feels like a small-town movie set, complete with boutique shops, cozy coffee spots, and restaurants just steps from wide green gathering spaces. Sitting about 28 miles southwest of Chicago in Will County, the village balances a pastoral feel with real suburban convenience. Neighborhoods like Butternut Creek Woods, Cardinal Lake, and Stonebridge Valley offer spacious residential settings, while the walkable downtown core draws residents in for dining, events, and farmers' markets throughout the year.
The rental landscape here leans toward single-family-style townhomes and garden-style apartment communities set within residential subdivisions. Architecture tends toward traditional Midwestern styles, and many rentals sit near open land and greenways, giving the area an open, uncrowded character.
Frankfort's population has more than doubled roughly every 20 years, yet farm fields still border many subdivisions, preserving that pastoral atmosphere. The Frankfort Fall Festival, held every Labor Day Weekend since 1968, now draws more than 250,000 visitors and 300 artisans, making it a true regional celebration. Lincoln-Way East High School serves the area and has been part of the institutional foundation fueling the village's steady growth.
There are a ton of local restaurants for residents to enjoy.
There's no shortage of walkable trails and parks to take in the scenery of Frankfort.
There was live music at the 12th Annual Frankfort Bluegrass Festival in North Frankfort.
The Roy and Dorothy Janssen park features a pond, gazebo and playground.
Many residents attend the Frankfort Fall Festival.
Homes in Frankfort are often quite spacious with large yards.
Median Household Income
$138,630
Average: $166,351
Education
8,972
Residents Have a Degree
Job Market
11,855
Workers Employed
Median Age
44 Years
Largest Age Group
10-19 Years
Approximately 15% of Residents
Under 20
25%
Over 65
20%
Housing Distribution
Frankfort has more homeowners than renters.
Education Distribution
Review this city's overall education levels.
As of September 2026, the average apartment rent in Frankfort, IL is $1,090 for one bedroom, and $2,049 for two bedrooms. Apartment rent in Frankfort has increased by 1.5% in the past year.
Explore how walkable, bikeable, drivable, and transit-friendly Frankfort, IL is for everyday living.
Somewhat Walkable
Walkability
Exceptionally Drivable
Drivability
Fairly Bikeable
Bikeability
Public
Grades K-5
885 Students
Public
Grades K-5
663 Students
Indian Trail Elementary School
Public
Grades K-5
450 Students
Frankfort Square Elementary School
Public
Grades K-5
160 Students
Public
Grades K-5
143 Students
Public
Grades 6-8
940 Students
Summit Hill Junior High School
Public
Grades 6-8
559 Students
Pioneer Grove Educational Center
Public
Grades PK-12
Public
Grades 9-12
2,676 Students
Public
Grades 9-12
1,729 Students
Pioneer Grove Educational Center
Public
Grades PK-12
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† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in September 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.