We present a systematic study of the spectral functions of a time-periodically driven FalicovKimball Hamiltonian. In the high-frequency limit, this system can be effectively described as a Harper-Hofstadter-Falicov-Kimball model. Using real-space Floquet dynamical mean-field theory (DMFT), we take into account the interaction effects and contributions from higher Floquet bands in a non-perturbative way. Our calculations show a high degree of similarity between the interacting driven system and its effective static counterpart with respect to spectral properties. However, as also illustrated by our results, one should bear in mind that Floquet DMFT describes a nonequilibrium steady state, while an effective static Hamiltonian describes an equilibrium state. We further demonstrate the possibility of using real-space Floquet DMFT to study edge states on a cylinder geometry.