Total monthly cost of ownership
Cost to Own a Home in Frankfort, Michigan
A $306,000 home here costs
$2,428per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,573. The real number is $854 higher every month — 54% 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 Benzie County and Michigan
| Measure | Frankfort | Benzie County |
|---|---|---|
| Median home value | $305,600 | $254,400 |
| Median property tax | $2,627 | $2,119 |
| Effective tax rate | 0.860% | 0.833% |
| Median gross rent | $749 | $974 |
| Population | 1,158 | 18,177 |
The weather behind that power bill
Frankfort sits in Benzie County, which averages a high of 77.4°F in its hottest month and a low of 18.5°F in its coldest, with 34.34" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 396 cooling and 7,107 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Benzie County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Benzie County
No other places of this size are published in Benzie County.
Full Benzie County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Frankfort?
A $306,000 home in Frankfort, Michigan costs approximately $2,428 per month with 20% down at 6.66%. That is $1,573 principal and interest, $219 property tax, $114 homeowners insurance, $266 utilities and $255 set aside for maintenance.
What is the property tax rate in Frankfort?
Frankfort has an effective property tax rate of 0.860%, based on a median home value of $305,600 and median real estate taxes of $2,627. That is higher than the Benzie County average of 0.833%.
What is the average home price in Frankfort?
The median owner-occupied home value in Frankfort, Michigan is $305,600, against $254,400 across Benzie County.
Is it cheaper to rent or buy in Frankfort?
Median gross rent in Frankfort is $749 a month, against $2,428 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 Michigan.
- 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.