Frankfort Square, IL Profile: Facts & Data

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Frankfort Square, Illinois - Basic Facts

The Frankfort Square CDP(1) had a population of 8,796 as of July 1, 2023. Frankfort Square ranks in the upper quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Illinois. See peer rankings below.

The primary coordinate point for Frankfort Square is located at latitude 41.5189 and longitude -87.8031 in Will County. The formal boundaries for the Frankfort Square Census Designated Place encompass a land area of 2.53 sq. miles and a water area of 0 sq. miles. Will County is in the Central time zone (GMT -6).

The Frankfort Square Census Designated Place has a U1 Census Class Code which indicates a census designated place with an official federally recognized name. It also has a Functional Status Code of "S" which identifies a statistical entity.

The Frankfort Square Census Designated Place is located within Township of Frankfort, a minor civil division (MCD) of Will County.


  1. A Census Designated Place (CDP) is a statistical counterpart to a self-governing (incorporated) place such as a city, town, or village. A CDP is not a legal entity and has no governmental functions.

Jump to... (On This Page!)
  1. Frankfort Square 2023 Demographic Data
  2. Growth Rates for Frankfort Square (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Illinois Research Tools (Easy Tools & Current Data)
  3. Illinois Data Comparison Tool - 2023 Demographics
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Frankfort Square, IL Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 8,796 (100%)
Population in Households 8,782 (99.8%)
Population in Families 7,935 (90.2%)
Population in Group Quarters1 14 ( 0.2%)
Population Density 3,524
Diversity Index2 45
 
 

INCOME

Median Household Income $109,072
Average Household Income $128,138
% of Income for Mortgage4 15%
Per Capita Income $45,119
Wealth Index5 123
Socioeconomic Status Index6 Moderate (61.3)
 

HOUSING

Total HU (Housing Units) 3,147 (100%)
Owner Occupied HU 2,929 (93.1%)
Renter Occupied HU 168 ( 5.3%)
Vacant Housing Units 50 ( 1.6%)
Median Home Value $274,444
Average Home Value $291,354
Housing Affordability Index3 127
 

HOUSEHOLDS

Total Households 3,097
Average Household Size 2.84
Family Households 2,435
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population -0.59% -0.54%
Households -0.22% -0.19%
Families   -0.31%
Median Household Income   0.97%
Per Capita Income   2.21%
Owner Occupied HU   -0.14%

Frankfort Square, IL - Peer Comparisons by Rank and Percentile

The table below compares Frankfort Square to the other 1,464 incorporated cities, towns and CDPs in Illinois by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 244 83rd
Population Density # 111 92nd
Median Household Income # 111 92nd
Housing Affordability Index # 592 40th
Per Capita Income # 283 81st
Diversity Index # 332 77th

Additional comparisons and rankings can be made with a VERY EASY TO USE Illinois Census Data Comparison Tool.

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