Kankakee, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Kankakee Neighborhoods Since 2000




Kankakee, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Kankakee Housing Market Information

With a population of 26,676, 9,243 total housing units (homes and apartments), and a median house value of $97,180, house prices in Kankakee are solidly below the national average.

Single-family detached homes are the single most common housing type in Kankakee, accounting for 61.08% of the city's housing units. Other types of housing that are prevalent in Kankakee include large apartment complexes or high rise apartments ( 18.36%), duplexes, homes converted to apartments or other small apartment buildings ( 17.74%), and a few row houses and other attached homes ( 1.65%).

People in Kankakee primarily live in small (one, two or no bedroom) single-family detached homes. Kankakee has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Kankakee's housing was primarily built during this period, from the '40s through the '60s. A full 46.14% of the city's housing hails from this era. Other housing ages represented in Kankakee include homes built before 1939 ( 26.92%) and housing constructed between 1970-1999 ( 24.46%). There's also some housing in Kankakee built between 2000 and later ( 2.48%).

Vacant housing appears to be an issue in Kankakee. Fully 15.05% of the housing stock is classified as vacant. Left unchecked, vacant Kankakee homes and apartments can be a drag on the real estate market, holding Kankakee real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Kankakee Home Appreciation Rates

Homes have actually lost value in Kankakee over the last then years, as home values have seen a decline of 20.35% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Kankakee home appreciation rates at -1.84%, which equates to an annual appreciation rate of -7.15%.

Over the last year, Kankakee appreciation rates have trailed the rest of the nation. In the last twelve months, Kankakee's appreciation rate has been -1.84%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Kankakee were at -1.84%, which equates to an annual appreciation rate of -7.15%.

Notably, Kankakee's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Kankakee's latest annual appreciation rate is lower than 90% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Kankakee differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Kankakee - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Kankakee real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$97,180

Kankakee, IL HOME PRICES

Value Range
> $976,000 0.2
$732,001 - $976,000 0.5
$488,001 - $732,000 0.3
$391,001 - $488,000 0.1
$293,001 - $391,000 1.7
$195,001 - $293,000 2.7
$98,001 - $195,000 33.8
$49,001 - $98,000 45.9
$0 - $49,000 14.8

Low for IL
Low for Nation

Value Relative to Nation Value Relative to State
79.374194304465 73.4177215189873

Number Of Homes And Apartments:
9,243

Kankakee Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
1.84% 0.11% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,048 / per month

Homeownership Rate

Homeownership
Owners 46.85
Renters 53.15
Vacant 15.05

Housing Market Details

 

Age of Homes

AGE OF Kankakee HOMES
2000 or Newer 2.5
1970 - 1999 24.5
1940 - 1969 46.1
1939 or Older 26.9

Types of Homes

TYPE OF Kankakee HOMES
Single-Family 61.1
Townhomes 1.6
Small Apt. Buildings 17.7
Apt. Complexes 18.4
Mobile Homes 1.2
Other 0.0

Home Size

SIZE OF Kankakee HOMES
No Bedroom 3.38
1 Bedroom 14.83
2 Bedrooms 35.67
3 Bedrooms 32.15
4 Bedrooms 11.33
5 or more bedrooms 2.64