Frankfort, KY vs Richmond, KY

Frankfort, KY and Richmond, KY have a very similar cost of living, with only a 0.4% difference in their overall index. Frankfort scores 75 while Richmond scores 75 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 $935/month compared to $860/month in Richmond — a 9% difference. Interestingly, home values tell a different story: while Richmond has cheaper rent, Frankfort actually has lower median home values ($171,600 vs $205,900).

Median household income in Frankfort is $54,438 compared to $48,223 in Richmond (+12.9%). Frankfort offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Frankfort spend roughly 20.6% of their income on rent, less than the 21.4% in Richmond.