Frankfort, IN vs Richmond, IN

Frankfort, IN and Richmond, IN have a very similar cost of living, with only a 4.3% difference in their overall index. Frankfort scores 69 while Richmond scores 66 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Frankfort is $888/month compared to $815/month in Richmond — a 9% difference. Home values follow the same pattern: Richmond is more affordable at $107,600 median vs $122,800.

Median household income in Frankfort is $53,522 compared to $46,395 in Richmond (+15.4%). While Frankfort is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Frankfort spend roughly 19.9% of their income on rent, less than the 21.1% in Richmond.