The population has grown steadily, increasing from 33,987 in 2013 to 35,357 in 2022, a growth of about 4%. This modest population growth, coupled with the increasing diversity and rising median income, suggests a slowly evolving economic and demographic landscape.

Frankfort's demographic trends align with broader national patterns of increasing diversity in many U.S. cities. However, the pace of change in Frankfort appears to be slower than in many larger urban areas, which is not uncommon for smaller state capitals or cities in more rural states.

Based on the observed trends, it is likely that Frankfort will continue its slow trajectory towards greater diversity over the next decade. While it may not transition out of the "Low Diversity" category in the immediate future, it could be approaching a tipping point. If current trends continue, the white population could drop below 75% within the next 5-10 years, potentially shifting Frankfort into a "Moderate Diversity" category. The Hispanic and multiracial populations are likely to continue growing, possibly reaching or exceeding 10% each within the next decade. Median income is likely to continue its upward trend, barring major economic disruptions.

These changes could gradually transform Frankfort into a "Transitional Community," characterized by ongoing demographic shifts and potentially attracting more diverse economic opportunities. However, this transition is likely to be gradual rather than abrupt, reflecting the city's current stable but slowly evolving demographic and economic profile.