Frankfort, Kentucky Housing Market Prices
Frankfort Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 70% above the Kentucky median$200,332
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Median rent 5% below the Kentucky median$915
Housing Market Overview
| Metric | Frankfort | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $200,332 | $118,017 | $248,835 |
| Price Trend (Annual %) | 18.6% | 3.8% | 7.5% |
| Median Gross Rent | $915 | $967 | $1,407 |
| Rent Trend (Annual %) | 4.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Frankfort is about 70% higher than in Kentucky. Rent is about 5% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Frankfort, up about 18.6% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Frankfort rose about 38.7% between 2015 and 2024, from $660 to $915. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Frankfort.
Buying the median-priced home in Frankfort costs roughly 18.2 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Frankfort. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Frankfort | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $200,332 | $118,017 | $248,835 |
| Median Household Income | $53,459 | $64,312 | $80,455 |
| Price-to-Income Ratio | 3.7 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Frankfort rose about 48.7%, while median household income rose about 28.0% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Frankfort | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.9% | 61.3% | 58.5% |
| Rental Rate | 43.8% | 28.4% | 31.2% |
| Vacancy Rate | 7.3% | 10.3% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Frankfort has a homeownership rate of 48.9%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 7.3%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Frankfort | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.11 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1969 | 1981 | 1978 |
| Median Number of Rooms | 5.3 | 5.7 | 5.5 |
The typical housing unit in Frankfort was built around 1969. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Frankfort, Kentucky.
What is the median home price in Frankfort, Kentucky?
The median home price in Frankfort, Kentucky is $200,332, higher than the Kentucky average of $118,017.
What is the average home price in Frankfort, Kentucky?
The typical home price in Frankfort, Kentucky, reported as the median sale price, is $200,332. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Frankfort, Kentucky?
The median gross rent in Frankfort, Kentucky is $915 per month, lower than the Kentucky average of $967.
What was the median gross rent in Frankfort in 2020?
In 2020, the median gross rent in Frankfort, Kentucky was $741 per month.
What is the price-to-rent ratio in Frankfort, Kentucky?
The price-to-rent ratio in Frankfort, Kentucky is about 18.2, meaning it would take roughly 18.2 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Frankfort.
Are home prices or rent rising faster in Frankfort, Kentucky?
Both home prices and rent are rising in Frankfort, up about 18.6% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Frankfort, Kentucky?
48.9% of households in Frankfort, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Frankfort, Kentucky?
The housing vacancy rate in Frankfort, Kentucky is 7.3%, lower than the Kentucky average of 10.3%.
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