Frankfort, Kentucky Income Statistics
Frankfort Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
C
Frankfort Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Frankfort | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $53,459 | $64,312 | $80,455 |
| Median Personal Income | $48,582 | $52,849 | $60,758 |
| Average Yearly Income Growth | 2.8% | 4.6% | 4.8% |
| Six-Figure Earners | 7.0% | 8.9% | 13.9% |
| $200k+ Households | 4.3% | 7.2% | 13.2% |
The median household income in Frankfort is about 17% lower than in Kentucky. Income has been growing slower in Frankfort (2.8%/yr) than in Kentucky (4.6%/yr).
About 7% of adults in Frankfort earn six figures ($100,000 or more) a year, lower than the Kentucky average of 9%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Frankfort, Kentucky grew by 33.1% from 2009 to 2024, reaching $53,459 in 2024. That's an average of about 2.8% per year.
Income Inequality and the Gender Pay Gap in Frankfort
| Metric | Frankfort | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.513 | 0.547 | 0.552 |
| Male Median Income | $52,603 | $60,966 | $69,667 |
| Female Median Income | $46,669 | $49,119 | $56,850 |
| Gender Pay Gap | 11.3% | 19.4% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Frankfort, it is 0.513, lower than Kentucky's 0.547, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 13% more than women's income in Frankfort, Kentucky. Over a 35-year career, a 13% wage gap accumulates to roughly $207,690 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Frankfort, Kentucky has narrowed from about 16% to 11% in 2024. Over that period the gap was widest at 18% in 2022, and was narrowest at 3% in 2017. In dollar terms, the gap has narrowed by $172 since 2009.
Employment
| Metric | Frankfort | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.6% | 4.8% | 5.2% |
| Working from Home | 12.0% | 10.2% | 15.0% |
| Commute time (minutes) | 13 | 20 | 22 |
Approximately 827 people are unemployed in Frankfort, Kentucky.
The average commute time in Frankfort is 13 minutes, shorter than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Frankfort, Kentucky has fallen from 9.7% to 7.6% in 2024. Over that period the rate peaked at 11.7% in 2014 and fell as low as 3.9% in 2019.
Conclusion
Considering all these factors, Frankfort, Kentucky has an overall wealth index grade of C, making it somewhat better than Kentucky, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Frankfort, Kentucky.
How Rich Is Frankfort, Kentucky?
Frankfort has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $53,459, about 17% lower than the Kentucky average of $64,312.
Are incomes growing in Frankfort, Kentucky?
Between 2009 and 2024, the median household income in Frankfort, Kentucky rose 33%, from $40,172 to $53,459. Over the same years, income here lagged behind Kentucky as a whole: +33% against +56%.
What was the median household income in Frankfort in 2023?
In 2023, the median household income in Frankfort, Kentucky was $55,476, up 3% from $53,911 in 2022. The Kentucky median that year was $62,783.
What was the median household income in Frankfort in 2020?
In 2020, the median household income in Frankfort, Kentucky was $50,703. By 2024 it had risen 5% to $53,459.
How strong is the job market in Frankfort, Kentucky?
Unemployment in Frankfort, Kentucky is 7.6%, well above the Kentucky rate of 4.8%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Frankfort, Kentucky?
The Gini coefficient in Frankfort is 0.513. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Frankfort, Kentucky?
Since 2009, the income gap between men and women in Frankfort, Kentucky has narrowed from about 16% to 11% in 2024. Over that period the gap was widest at 18% in 2022, and was narrowest at 3% in 2017. In dollar terms, the gap has narrowed by $172 since 2009.
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