Total monthly cost of ownership
Cost to Own a Home in Frankfort, Kentucky
A $172,000 home here costs
$1,453per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $884. The real number is $569 higher every month — 64% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Frankfort against Franklin County and Kentucky
| Measure | Frankfort | Franklin County |
|---|---|---|
| Median home value | $171,600 | $198,700 |
| Median property tax | $1,585 | $1,672 |
| Effective tax rate | 0.924% | 0.841% |
| Median gross rent | $935 | $946 |
| Population | 28,452 | 51,563 |
The weather behind that power bill
Frankfort sits in Franklin County, which averages a high of 87.6°F in its hottest month and a low of 25.1°F in its coldest, with 47.34" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,332 cooling and 4,386 heating degree days, which is what sets the $135 electricity line above.
See the full climate breakdown for Franklin County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Franklin County
No other places of this size are published in Franklin County.
Full Franklin County cost breakdown · Every county in Kentucky
Common questions
How much does it cost to own a home in Frankfort?
A $172,000 home in Frankfort, Kentucky costs approximately $1,453 per month with 20% down at 6.66%. That is $884 principal and interest, $132 property tax, $90 homeowners insurance, $203 utilities and $143 set aside for maintenance.
What is the property tax rate in Frankfort?
Frankfort has an effective property tax rate of 0.924%, based on a median home value of $171,600 and median real estate taxes of $1,585. That is higher than the Franklin County average of 0.841%.
What is the average home price in Frankfort?
The median owner-occupied home value in Frankfort, Kentucky is $171,600, against $198,700 across Franklin County.
Is it cheaper to rent or buy in Frankfort?
Median gross rent in Frankfort is $935 a month, against $1,453 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Frankfort — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Kentucky.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.