Like Westwind, I live under both a departure and arrival route for FRA - although under prevailing wind conditions it is departures. However, I am sufficiently far away from the airport to rarely even notice passing aircraft. Having said that, our village has a very active anti-noise campaign. Even to the point of sending a questionnaire to each and every resident asking if they or their children had any medical complaints (high blood pressure, headaches, migraine, heart conditions, kidney complaints and so on and so forth) which could be "related to aircraft noise".
With the planned airport expansion at Frankfurt, these campaigns are intensifying but many of the complaints are groundless. Having said that if you live in places like Kelsterbach - which really is right on top of the airport (and maybe the village Westwind mentioned) - then you probably do have a case. Many of the houses there were built before the airport was anything like the size it is today.
Personally, there is no way in the world I would live in Kelsterbach, but many people do and the close proximity of the aircraft doesn't seem to have a vast impact on house prices.