The Real Cost of Living in Frankfort, IL: Taxes, Utilities, and Affordability Breakdown

Cost of Living in Frankfort, Illinois

Frankfort is widely considered a premium southwest suburb, and its cost structure reflects that. Housing prices, property taxes, and transportation costs run higher than many nearby towns, while utilities and day-to-day expenses tend to stay within a predictable suburban range.

For most households, affordability in Frankfort comes down to understanding how taxes, housing size, and commuting choices shape the monthly budget. When those factors are planned for realistically, the costs are rarely surprising.

Housing Costs

Frankfort’s housing prices sit above many surrounding communities, largely due to larger homes, bigger lots, and long-term demand tied to the local housing market. Median pricing typically lands in the mid-$500,000 range, though actual purchase prices vary significantly by neighborhood and home type.

Entry-level options are limited and concentrated in Frankfort Square and older north-side pockets. These homes tend to trade at lower price points but still move quickly due to constrained supply.

Most buyers land in the mid-range market, where homes offer larger layouts, finished basements, and updated interiors. At the upper end, custom homes provide substantial square footage and acreage, but ongoing carrying costs scale with size.

Property Taxes

Property taxes are the most noticeable cost difference for buyers relocating to Frankfort. Located in Will County, the village operates under an assessment system that produces higher effective tax rates than many surrounding areas.

Effective property tax rates generally fall around 2.6 percent. For typical single-family homes, this often translates into annual tax bills ranging from the low five figures to well above that for larger properties.

Tax bills vary based on:

• Purchase price and assessed value
• School district boundaries
• Lot size and home size

Homes in Frankfort Square usually carry lower overall tax bills due to lower valuations, while properties within core village subdivisions often reflect higher totals. While the numbers can feel high initially, they tend to be stable year to year compared to more volatile assessment systems.

Utilities & Household Expenses

Monthly utility costs in Frankfort are consistent with other southwest suburbs, though home size and age play a major role.

Electric and gas costs typically fluctuate with the seasons. Larger two-story homes and older construction can push winter heating bills higher, while updated windows and insulation help stabilize costs.

Water is a notable local consideration. Much of Frankfort uses municipal well water, which is clean but hard. Most homes rely on water softeners and, in some cases, drinking water filtration systems. Frankfort Square operates on a different water system, and monthly bills there can be higher.

Internet, cable, trash, and recycling costs are in line with regional norms. Some subdivisions include lawn care or snow removal through homeowner associations, shifting certain expenses into predictable annual fees.

Maintenance is an important long-term cost factor. Mature landscaping, older roofs, mechanical systems, and exterior upkeep are common considerations in a town with established housing stock.

Transportation & Commuting Costs

Frankfort does not have a Metra station within village limits, which affects both time and transportation budgets. Most commuters drive to nearby stations or commute entirely by car.

Driving costs depend heavily on distance and frequency. Daily commuters into Chicago should budget for fuel, tolls, and vehicle wear. Metra users trade fuel costs for train fares and station parking fees.

Hybrid and remote work arrangements have reduced transportation costs for many households, making Frankfort more financially comfortable for buyers who commute only part of the week.

Affordability by Household Type

Affordability perceptions vary widely depending on income structure and housing goals.

Dual-income households often absorb Frankfort’s tax and housing costs comfortably, while single-income households typically need tighter budgeting and more selective neighborhood choices.

First-time buyers may find the entry point challenging due to limited lower-priced inventory. Move-up buyers with equity often experience the smoothest transition. Downsizers see mixed results depending on tax sensitivity and inventory availability.

Overall Cost Reality

Frankfort is not a low-cost suburb. Its pricing reflects long-term demand, strong schools, and a housing stock that leans larger and more established. Buyers who plan carefully for taxes, utilities, and transportation usually find the monthly costs predictable rather than overwhelming.

Understanding the full financial picture before committing to a home is the key to feeling comfortable here long term.