Affordable & Income-Based Housing in Frankfort

Affordability

According to Census ACS 5-Year data (2024), the median gross rent in Frankfort is $944 per month and the median household income is $53,073 per year. Just over half of residents -- 51% -- are renters, reflecting strong demand for rental housing in the city.

Frankfort has 6 HUD-assisted or income-restricted properties offering 372 total units, providing an important source of below-market housing for income-qualified renters.

Safety

According to the Frankfort Police Department's data reported to the FBI Crime Data Explorer, Frankfort had a violent crime rate of 206 per 100,000 residents in 2024. Crime rates are not directly comparable across cities due to differences in reporting practices and definitions.

None of the 6 HUD-assisted properties in Frankfort are mapped in a high-risk flood zone, according to flood map data on file.

Getting Around Frankfort

According to Walk Score, the area around assisted properties in Frankfort scores a 47 out of 100, described as Car-Dependent, with a Bike Score of 32 out of 100. Most errands and trips will likely require a car.

Schools

According to the NCES Common Core of Data, 19 public schools across 2 districts serve Frankfort, including 9 elementary, 2 middle, 7 high schools, and 1 other. Ratings and options vary by school and district, so renters should check which schools are assigned to a specific address before making a housing decision.

Cost of Living in Frankfort, KY

The median household income in Frankfort is $53,073 annually, according to the Census ACS 5-Year estimate. The median gross rent in the city is $944 per month, also per Census ACS 5-Year data.

Affordable and income-based housing in Frankfort can significantly reduce housing costs for eligible renters. Rents at HUD-assisted and LIHTC properties are set based on area median income limits rather than market rates.

• Median household income: $53,073/year (Census ACS 5-Year)
• Median gross rent: $944/month (Census ACS 5-Year)
• Renter-occupied households: 51% of Frankfort households rent (Census ACS 5-Year)

Environment and Flood Risk

All 6 HUD-assisted properties in Frankfort have been mapped for flood zone exposure. None fall within a high-risk flood zone, which is a positive indicator for renters concerned about flood exposure.