The typical owner-occupied home in Frankfort is worth about $67,500, 74% below the South Dakota median of $257,400 and 80% below the national median of $332,700. Owners pay a median $1,000 a year in property taxes, about 1.48% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $68,750 a year, so the median home costs 1.0 times the median income (3.4 times for South Dakota). 98% of occupied homes here are lived in by their owners, and 32% of those owners still have a mortgage.
Frankfort at a glance
| Frankfort | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $67,500 | $257,400 | $332,700 |
| Median property tax paid per year | $1,000 | $2,724 | $3,119 |
| Property tax as a share of value | 1.48% | 1.06% | 0.94% |
| Median household income | $68,750 | $75,081 | $80,734 |
| Homes lived in by their owners | 98% | 69% | 65% |
| Owner homes with a mortgage | 32% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,375 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 14.3% | 20.4% | 21.0% |
| Median rent | – | $946 | $1,413 |
| Median year homes were built | 1938 | 1980 | 1980 |
| Vacant homes | 25.6% | 10.5% | 10.1% |
| Population | 128 | 907,428 | 334,922,499 |
What a typical home costs per month in Frankfort
At this week's average 30-year rate of 7.11%, buying the median Frankfort home of $67,500 with 20% down costs about $475 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $587, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $20,342 for the 20%-down payment. That payment is 8% of the median Frankfort household income of $68,750; at that income and 20% down, the 28% guideline points to a home of about $228,000.
| Down payment | $13,500 |
|---|---|
| Loan amount | $54,000 |
| Principal and interest | $363 |
| Property taxes (1.48% a year) | $83 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| PMI | $0 |
| Total per month | $475 |
Change the numbers in the calculator
| Down payment | $2,362 |
|---|---|
| Loan amount | $66,277 |
| Principal and interest | $446 |
| Property taxes (1.48% a year) | $83 |
| Homeowners insurance (our estimate, 0.5% a year) | $28 |
| FHA mortgage insurance | $30 |
| Total per month | $587 |
Change the numbers in the calculator
Questions about home buying in Frankfort
What is the median home value in Frankfort?
About $67,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Frankfort?
Homeowners pay a median $1,000 a year, which is about 1.48% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Frankfort?
For the median home with 20% down at 7.11%, the payment is about $475 a month. Keeping that under 28% of gross income takes about $20,342 a year.
More about Frankfort
- Mortgage Refinance in Frankfort
- Debt Relief in Frankfort
- Home Equity Loans in Frankfort
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data