Frankfort, IN vs New Albany, IN

Frankfort is moderately more affordable than New Albany, with a 9.2% lower cost of living index. Frankfort scores 69 compared to 76 for New Albany, where the US average is 100. This difference means residents of New Albany can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Frankfort is $888/month compared to $971/month in New Albany — a 9% difference. Home values follow the same pattern: Frankfort is more affordable at $122,800 median vs $169,600.

Median household income in Frankfort is $53,522 compared to $54,152 in New Albany (-1.2%). New Albany does offer higher incomes, but the salary premium barely offsets the higher cost of living, leaving residents with a tighter budget. Looking at affordability, residents of Frankfort spend roughly 19.9% of their income on rent, less than the 21.5% in New Albany.