Kankakee IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Kankakee Housing Market Information

With 26,024 people, 9,024 houses or apartments, and a median cost of homes of $101,001, 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 62.27% of the city's housing units. Other types of housing that are prevalent in Kankakee include large apartment complexes or high rise apartments ( 19.42%), duplexes, homes converted to apartments or other small apartment buildings ( 13.60%), and a few row houses and other attached homes ( 3.12%).

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 40.72% of the city's housing hails from this era. Other housing ages represented in Kankakee include homes built before 1939 ( 34.41%) and housing constructed between 1970-1999 ( 22.67%). There's also some housing in Kankakee built between 2000 and later ( 2.19%).

Vacant housing appears to be an issue in Kankakee. Fully 18.49% 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 5.89% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Kankakee home appreciation rates at 1.82%, which equates to an annual appreciation rate of 7.50%.

NeighborhoodScout's data show that during the latest twelve months, Kankakee's appreciation rate, at 3.88%, has been at or slightly above the national average. In the latest quarter, Kankakee's appreciation rate has been 1.82%, which annualizes to a rate of 7.50%.

Relative to Illinois, our data show that Kankakee's latest annual appreciation rate is higher than 60% 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:
$101,001

Kankakee, IL HOME PRICES

Value Range
> $1,105,000 0.0
$829,001 - $1,105,000 0.3
$553,001 - $829,000 0.7
$442,001 - $553,000 0.1
$331,001 - $442,000 1.0
$221,001 - $331,000 3.8
$111,001 - $221,000 28.2
$55,001 - $111,000 47.2
$0 - $55,000 18.8

Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
85.8744525547445 79.2405063291139

Number Of Homes And Apartments:
9,024

Kankakee Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
11.84% 0.54%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,172 / per month

Homeownership Rate

Homeownership
Owners 46.15
Renters 53.85
Vacant 18.49

Housing Market Details

 

Age of Homes

AGE OF Kankakee HOMES
2000 or Newer 2.2
1970 - 1999 22.7
1940 - 1969 40.7
1939 or Older 34.4

Types of Homes

TYPE OF Kankakee HOMES
Single-Family 62.3
Townhomes 3.1
Small Apt. Buildings 13.6
Apt. Complexes 19.4
Mobile Homes 1.6
Other 0.0

Home Size

SIZE OF Kankakee HOMES
No Bedroom 4.75
1 Bedroom 12.18
2 Bedrooms 35.60
3 Bedrooms 33.44
4 Bedrooms 11.25
5 or more bedrooms 2.79