Frankfort Square, IL Profile: Facts & Data

The Frankfort Square CDP⁽¹⁾ had a population of 8,727 as of July 1, 2024. 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.

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.

Frankfort Square, IL Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	8,727 (100%)
Population in Households	8,713 (99.8%)
Population in Families	7,656 (87.7%)
Population in Group Quarters¹	14 ( 0.2%)
Population Density	3,496
Diversity Index²	47


INCOME
Median Household Income	$116,140
Average Household Income	$134,245
% of Income for Mortgage⁴	17%
Per Capita Income	$47,735
Wealth Index⁵	120
Socioeconomic Status Index⁶	Moderate (62.2)

HOUSING
Total HU (Housing Units)	3,156 (100%)
Owner Occupied HU	2,845 (90.1%)
Renter Occupied HU	258 ( 8.2%)
Vacant Housing Units	53 ( 1.7%)
Median Home Value	$316,634
Average Home Value	$329,455
Housing Affordability Index³	120

HOUSEHOLDS
Total Households	3,103
Average Household Size	2.81
Family Households	2,405
Average Family Size	3.00

NOTES

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.
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.
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.
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).
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.
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.

Frankfort Square, IL - Peer Comparisons by Rank and Percentile

The table below compares Frankfort Square to the other 1,462 incorporated cities, towns and CDPs in Illinois by rank and percentile using July 1, 2024 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.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	-0.64%	-0.78%
Households	-0.12%	-0.14%
Families		-0.40%
Median Household Income		1.81%
Per Capita Income		2.80%
Owner Occupied HU		0.09%

Variable Description	Rank	Percentile
Total Population	# 244	83rd
Population Density	# 110	93rd
Median Household Income	# 108	93rd
Housing Affordability Index	# 570	39th
Per Capita Income	# 328	78th
Diversity Index	# 320	78th

Frankfort Square, IL Profile: Facts & Data

Frankfort Square, Illinois - Basic Facts

Frankfort Square, IL Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Frankfort Square, IL - Peer Comparisons by Rank and Percentile

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