Total monthly cost of ownership
Cost to Own a Home in Frankfort, Michigan
A $306,000 home here costs
$2,467per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $105,500 a year.
A standard mortgage calculator would have told you $1,668. The real number is $799 higher every month, 48% more than the payment most buyers budget for.
Compare Benzie County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Frankfort from a five-year rolling sample, and with about 1,158 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Benzie County figures are drawn from a far larger sample if you want a steadier number.
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 $142 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
Talk to someone who works this market
These are Frankfort averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Frankfort every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Frankfort I already own here and may sell
Common questions
How much does it cost to own a home in Frankfort?
A $306,000 home in Frankfort, Michigan costs approximately $2,467 per month with 20% down at 7.24%. That is $1,668 principal and interest, $219 property tax, $114 homeowners insurance, $210 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 $2,467 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Frankfort?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Frankfort, Michigan at today's rate takes a household income of roughly $105,500 a year. That covers the full $2,467 monthly cost, not just the mortgage payment.
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.