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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Kankakee, IL Real Estate Market

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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Kankakee, IL Housing Market Trends

With a population of 23,602, 9,408 total housing units (homes and apartments), and a median house value of $124,976, 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 62.78% of the city's housing units. Other types of housing that are prevalent in Kankakee include large apartment complexes or high rise apartments ( 21.52%), duplexes, homes converted to apartments or other small apartment buildings ( 10.25%), and a few mobile homes or trailers ( 3.07%).

The most prevalent building size and type in Kankakee are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.87% owning and 54.13% renting.

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 40.97% of the city's housing hails from this era. Other housing ages represented in Kankakee include homes built before 1939 ( 34.16%) and housing constructed between 1970-1999 ( 22.16%). There's also some housing in Kankakee built between 2000 and later ( 2.70%).

Vacant housing appears to be an issue in Kankakee. Fully 16.99% 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

Some of the lowest real estate appreciation rates in America over the last ten years have been in Kankakee, where house values have increased just 41.75%, which is annualized rate of 3.55%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 0.40%, 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 4.44%, which equates to an annual appreciation rate of 18.97%.

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

$124,976

Kankakee, IL Home Prices
> $1,269,000
$952,001 - $1,269,000
$634,001 - $952,000
$508,001 - $634,000
$381,001 - $508,000
$254,001 - $381,000
$127,001 - $254,000
$64,001 - $127,000
$0 - $64,000
0.0%
0.0%
0.4%
0.4%
0.8%
0.8%
0.2%
0.2%
2.1%
2.1%
5.3%
5.3%
32.2%
32.2%
41.7%
41.7%
17.3%
17.3%
0% 100.0%
% of Homes
Low

for Illinois

Very Low

for nation

Number of Homes And Apartments:

9,408

Kankakee Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,703 / per month

Homeownership Rate

Owners
Renters
Vacant
45.9%
45.9%
54.1%
54.1%
17.0%
17.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.7%
2.7%
22.2%
22.2%
41.0%
41.0%
34.2%
34.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
62.8%
62.8%
2.4%
2.4%
10.3%
10.3%
21.5%
21.5%
3.1%
3.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.6%
4.6%
11.5%
11.5%
30.7%
30.7%
39.4%
39.4%
10.8%
10.8%
3.1%
3.1%
0% 100.0%
% of Homes