Frankfort, IN Median Household Income: Trends, Analysis, and Key Findings

The median household income in Frankfort was $49,977 in 2021, which marked an an increase of 1,877(3.90%) from $48,100 in 2020. This income is 66.99% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
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Updated Jan 11, 2024

Median Household Income in Frankfort, IN (2010-2021, in 2022 inflation-adjusted dollars)

Below, you will find a table illustrating the median household income in Frankfort, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars.

Year Median Household Income YOY Change($) YOY Change(%)
2010 51,198 - -
2011 49,213 -1,985 -3.88%
2012 49,299 86 0.17%
2013 50,932 1,633 3.31%
2014 50,637 -295 -0.58%
2015 48,070 -2,567 -5.07%
2016 49,936 1,866 3.88%
2017 50,278 342 0.68%
2018 47,802 -2,476 -4.92%
2019 47,215 -587 -1.23%
2020 48,100 885 1.87%
2021 49,977 1,877 3.90%
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Avg Income Age group Avg Income Diversity Index Population Gender ratio (M:F) Homeownership % Avg commute time Custom Dataset: Frankfort Self-employed, multilingual, car-commuting, insured individuals 15 to 24 years $27,865 75 27,354 0.75 0.5% 55 min 25 to 44 years $44,231 90 37,459 0.86 19% 43 min 45 to 64 years $53,865 95 42,167 0.77 35% 15 min 65 to 74 years $51,800 74 32,972 0.91 45% 13 min 75 to 84 years $41,234 66 26,758 0.87 66% 42 min 85 years and over $36,093 56 18,857 0.89 76% 45 min

Frankfort, IN median household income trends: 2010 to 2021

From 2010 to 2021, the median household income for Frankfort decreased by $1,221 (2.38%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

The line chart shows Frankfort, IN median household income from 2010 to 2021. The orange line represents Census Bureau data for median household income (without adjusting for any inflation), while the blue line shows inflation-adjusted median household income for 2022.
Frankfort, IN median household income trends: 2010 to 2021. The chart illustrates income fluctuations over the years, highlighting the impact of inflation on economic trends. We observed that the median household income experienced growth year by year for 6 years and declined for 5 years. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

The most significant year-by-year growth occured from 2020 to 2021, when the median household income increased by 1,877 (from $48,100 to $49,977). Similarly the most substantial year-by-year decline occured from 2014 to 2015, when the median household income decreased by 2,567 (from $50,637 to $48,070).

In Indiana, among cities with populations ranging from 10,000 to 50,000 residents, Frankfort ranks 49th out of 64 for median household income. This rank indicates that it falls within the lower-income range of cities within the state of Indiana.

Median household income in Frankfort, IN by household size

To gain deeper insights into the median household income for Frankfort, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).

Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, all of the household sizes were found in Frankfort. Across the different household sizes in Frankfort the mean income is $61,197, and the standard deviation is $20,810. The coefficient of variation (CV) is 34%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.

In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $28,476. It then further increased to $47,210 for 7-person households, the largest household size for which the bureau reported a median household income.

Bar chart showing Frankfort, IN median household income for different household sizes in 2021. The chart illustrates income trends for 1-person to 7-or-more person households, with values adjusted for inflation. It provides insights into income disparities and variations across household sizes, aiding in data analysis and decision-making.
Frankfort, IN median household income, by household size (in 2022 inflation-adjusted dollars). Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Frankfort median household income by household size

The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.

Household Size Median Household Income
1-person households 28,476
2-person households 56,685
3-person households 85,122
4-person households 61,173
5-person households 88,387
6-person households 61,324
7-or-more-person households 47,210
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According to the Census Bureau data, the median household income reaches its peak among 5-person households, reaching $88,387 .

Frankfort, IN income distribution and inequality

To gain a comprehensive understanding of income distribution in Frankfort, we conducted an analysis of quintiles data from the U.S. Census Bureau. While the bureau does not categorize income into subjective classes like lower-income, middle-class, or upper-class, they instead divide the population into five quintiles, ensuring that each quintile represents nearly the same number of households. This classification allows us to analyze income levels across a spectrum from the lowest to the highest income groups.

Bar chart illustrating the Frankfort mean household income for different quintiles, plus the top 5%, with values adjusted for 2022 inflation using R-CPI-U-RS. The chart provides insights into income distribution, showcasing variations across quintiles and highlighting the income of the top 5%. Useful for analyzing income disparities and trends for Frankfort.
Mean household income by quintiles in Frankfort, IN (in 2022 inflation-adjusted dollars): The mean household income for the wealthiest population (top 5%) is 197,603, which is 147.10% higher compared to the highest quintile, and 1262.07% higher compared to the lowest quintile. Source: U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates

Mean household income by quintile in Frankfort

The table below presents the mean household income for each of the five quintiles in Frankfort, offering valuable insights into income distribution and inequality.

Income Level Mean Household Income
Lowest Quintile 15,657
Second Quintile 31,921
Third Quintile 50,180
Fourth Quintile 72,909
Highest Quintile 134,328
Top 5 Percent 197,603
Exploring Frankfort's Diversity? Request Customized Data Now!

Key findings:

  • Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 15,657, while the mean income for the highest quintile (20% of households with the highest income) is 134,328. This indicates that the top earners earn 9 times compared to the lowest earners.
  • Top 5%: The mean household income for the wealthiest population (top 5%) is 197,603, which is 147.10% higher compared to the highest quintile, and 1262.07% higher compared to the lowest quintile.

Furthermore, as per the Census Bureau, the Gini coefficient for Frankfort is 0.3899. Gini coefficient is a numeric measure ranging from 0 to 1, where lower numbers indicate greater income equality (with 0 representing complete equality, where all households earn the same income) and higher values signify greater income inequality (with 1 being complete inequality where one household receives all income).

Gini coefficient:
0.3899

Sources: U.S. Census Bureau, American Community Survey (ACS)

With a Gini coefficient of 0.3899, it is evident that income distribution in Frankfort, IN exihibits characterstics of moderate equality .

This also implies that the majority of households in Frankfort enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.

Median household income in Frankfort, IN by family type, 2021

The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Frankfort reveals how household income distribution varies among these categories.

Interestingly, we found that the median household income did vary between family households and non-family households. In 2021, for Frankfort, there were a total of 3,463 family households and 2,571 non-family households.

For the family households, the median income (in 2022 inflation-adjusted dollars) was $61,335. For the non-family households, the median income (in 2022 inflation-adjusted dollars) was $32,828.

Frankfort, IN households by income brackets: family, non-family, and total, 2021, in 2022 inflation-adjusted dollars

The table below presents a breakdown of households across various income brackets in Frankfort. The data in the table offers insights into the distribution of Frankfort households based on income levels.

Income Level All Households % All Households Family Households % Family Households Non-Family Households % Non-Family Households
Total: 6,034 100.00% 3,463 100.00% 2,571 100.00%
Less than $10,000 318 5.27% 88 2.54% 230 8.95%
$10,000 to $14,999 300 4.97% 63 1.82% 237 9.22%
$15,000 to $19,999 347 5.75% 115 3.32% 232 9.02%
$20,000 to $24,999 526 8.72% 182 5.26% 344 13.38%
$25,000 to $29,999 335 5.55% 121 3.49% 214 8.32%
$30,000 to $34,999 489 8.10% 214 6.18% 275 10.70%
$35,000 to $39,999 394 6.53% 218 6.30% 176 6.85%
$40,000 to $44,999 251 4.16% 200 5.78% 51 1.98%
$45,000 to $49,999 408 6.76% 302 8.72% 106 4.12%
$50,000 to $59,999 595 9.86% 372 10.74% 223 8.67%
$60,000 to $74,999 631 10.46% 289 8.35% 342 13.30%
$75,000 to $99,999 676 11.20% 644 18.60% 32 1.24%
$100,000 to $124,999 318 5.27% 283 8.17% 35 1.36%
$125,000 to $149,999 258 4.28% 220 6.35% 38 1.48%
$150,000 to $199,999 139 2.30% 103 2.97% 36 1.40%
$200,000 or more 49 0.81% 49 1.41% - -
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Key findings:

  • For Family Households: In Frankfort, the majority of family households, representing 18.6%, earn $75,000 to $99,999, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 1.41%, have incomes falling $200,000 or more, representing a smaller but still significant segment of the community.
  • For Non-Family Households: In Frankfort, the majority of non-family households, accounting for 13.38%, have income $20,000 to $24,999, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 0.0%, earn $200,000 or more, representing a smaller, yet notable, portion of non-family households in the community.
  • For Total Households (Combining Family and Non-Family): When considering total households in Frankfort, the majority, constituting 11.2%, earn $75,000 to $99,999, demonstrating that a significant portion of community households falls within this income bracket. Simultaneously, the minority of total households, representing 0.81%, have incomes $200,000 or more, signifying a smaller segment of households in the community.

Things to know

What is the Gini index for Frankfort, IN?

As per the Census Bureau, the Gini coefficient for Frankfort is 0.3899. With this value of Gini coefficient, it is evident that income distribution in Frankfort exihibits characterstics of moderate equality .

This also implies that the majority of households in Frankfort enjoy fairly equitable access to income resources, contributing to a reasonably fair and even economic landscape.

What is the median household income in Frankfort, IN?

As per the latest data available from American Community Survey, the median household income for Frankfort is $49,977 (in 2022 inflation-adjusted dollars). The next release from the Census is scheduled for Dec 7, 2023. This income is 66.99% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).

How does Frankfort, IN median household income compare to the rest of the United States?

In Indiana, among cities with populations ranging from 10,000 to 50,000 residents, Frankfort ranks 49th out of 64 for median household income. This rank indicates that it falls within the lower-income range of cities within the state of Indiana.

References

Datasets

Explore datasets by year of publication.
2023
Income Distribution by Quintile: Mean Household Income in Frankfort, IN
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents the mean household income for each of the five quintiles in Frankfort, IN, as reported by the U.S. Census Bureau. The dataset highlights the variation in mean household income across quintiles, offering valuable insights into income distribution and inequality.

Key observations

  • Income disparities: The mean income of the lowest quintile (20% of households with the lowest income) is 15,657, while the mean income for the highest quintile (20% of households with the highest income) is 134,328. This indicates that the top earners earn 9 times compared to the lowest earners.
  • *Top 5%: * The mean household income for the wealthiest population (top 5%) is 197,603, which is 147.10% higher compared to the highest quintile, and 1262.07% higher compared to the lowest quintile.

Mean household income by quintiles in Frankfort, IN (in 2022 inflation-adjusted dollars))

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Income Levels:

  • Lowest Quintile
  • Second Quintile
  • Third Quintile
  • Fourth Quintile
  • Highest Quintile
  • Top 5 Percent

Variables / Data Columns

  • Income Level: This column showcases the income levels (As mentioned above).
  • Mean Household Income: Mean household income, in 2022 inflation-adjusted dollars for the specific income level.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Frankfort median household income. You can refer the same here

Frankfort, IN Median Household Income Trends (2010-2021, in 2022 inflation-adjusted dollars)
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset illustrates the median household income in Frankfort, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2021, the median household income for Frankfort decreased by $1,221 (2.38%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

Frankfort, IN median household income trend (2010-2021, in 2022 inflation-adjusted dollars)

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

  • 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021

Variables / Data Columns

  • Year: This column presents the data year from 2010 to 2021
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific year
  • YOY Change($): Change in median household income between the current and the previous year, in 2022 inflation-adjusted dollars
  • YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Frankfort median household income. You can refer the same here

Frankfort, IN households by income brackets: family, non-family, and total, in 2022 inflation-adjusted dollars
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents a breakdown of households across various income brackets in Frankfort, IN, as reported by the U.S. Census Bureau. The Census Bureau classifies households into different categories, including total households, family households, and non-family households. Our analysis of U.S. Census Bureau American Community Survey data for Frankfort, IN reveals how household income distribution varies among these categories. The dataset highlights the variation in number of households with income, offering valuable insights into the distribution of Frankfort households based on income levels.

Key observations

  • For Family Households: In Frankfort, the majority of family households, representing 18.6%, earn $75,000 to $99,999, showcasing a substantial share of the community families falling within this income bracket. Conversely, the minority of family households, comprising 1.41%, have incomes falling $200,000 or more, representing a smaller but still significant segment of the community.
  • For Non-Family Households: In Frankfort, the majority of non-family households, accounting for 13.38%, have income $20,000 to $24,999, indicating that a substantial portion of non-family households falls within this income bracket. On the other hand, the minority of non-family households, comprising 0.0%, earn $200,000 or more, representing a smaller, yet notable, portion of non-family households in the community.
Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Income Levels:

  • Less than $10,000
  • $10,000 to $14,999
  • $15,000 to $19,999
  • $20,000 to $24,999
  • $25,000 to $29,999
  • $30,000 to $34,999
  • $35,000 to $39,999
  • $40,000 to $44,999
  • $45,000 to $49,999
  • $50,000 to $59,999
  • $60,000 to $74,999
  • $75,000 to $99,999
  • $125,000 to $149,999
  • $150,000 to $199,999
  • $200,000 or more

Variables / Data Columns

  • Income Level: The income level represents the income brackets ranging from Less than $10,000 to $200,000 or more in Frankfort, IN (As mentioned above).
  • All Households: Count of households for the specified income level
  • % All Households: Percentage of households at the specified income level relative to the total households in Frankfort, IN
  • Family Households: Count of family households for the specified income level
  • % Family Households: Percentage of family households at the specified income level relative to the total family households in Frankfort, IN
  • Non-Family Households: Count of non-family households for the specified income level
  • % Non-Family Households: Percentage of non-family households at the specified income level relative to the total non-family households in Frankfort, IN

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Frankfort median household income. You can refer the same here

Median Household Income Variation by Family Size in Frankfort, IN: Comparative analysis across 7 household sizes
Last updated January 11, 2024
ACS
Free
Neilsberg
CSV, JSON
2017-2021
CC BY 4.0
About this dataset

Context

The dataset presents median household incomes for various household sizes in Frankfort, IN, as reported by the U.S. Census Bureau. The dataset highlights the variation in median household income with the size of the family unit, offering valuable insights into economic trends and disparities within different household sizes, aiding in data analysis and decision-making.

Key observations

  • Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, all of the household sizes were found in Frankfort. Across the different household sizes in Frankfort the mean income is $61,197, and the standard deviation is $20,810. The coefficient of variation (CV) is 34%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
  • In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $28,476. It then further increased to $47,210 for 7-person households, the largest household size for which the bureau reported a median household income.

Frankfort, IN median household income, by household size (in 2022 inflation-adjusted dollars)

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Household Sizes:

  • 1-person households
  • 2-person households
  • 3-person households
  • 4-person households
  • 5-person households
  • 6-person households
  • 7-or-more-person households

Variables / Data Columns

  • Household Size: This column showcases 7 household sizes ranging from 1-person households to 7-or-more-person households (As mentioned above).
  • Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific household size.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Frankfort median household income. You can refer the same here

If you're looking for datasets from another year, please feel free to contact us at research@neilsberg.com and we'll be happy to assist you further.

Explore more

Median household income of places that contain Frankfort (in 2022 dollars)
Median household income of nearby cities (in 2022 dollars)

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