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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 26,024, 9,047 total housing units (homes and apartments), and a median house value of $105,898, 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 61.71% of the city's housing units. Other types of housing that are prevalent in Kankakee include large apartment complexes or high rise apartments ( 21.19%), duplexes, homes converted to apartments or other small apartment buildings ( 12.32%), and a few row houses and other attached homes ( 3.06%).

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 37.73% of the city's housing hails from this era. Other housing ages represented in Kankakee include homes built before 1939 ( 36.46%) and housing constructed between 1970-1999 ( 23.28%). There's also some housing in Kankakee built between 2000 and later ( 2.52%).

Vacant housing appears to be an issue in Kankakee. Fully 18.85% 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 6.70%, which is annualized rate of 0.65%. 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 7.83%, 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 3.92%, which equates to an annual appreciation rate of 16.65%.

Importantly, this makes Kankakee one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Illinois, our data show that Kankakee's latest annual appreciation rate is higher than 80% 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:
$105,898

Kankakee, IL HOME PRICES

> $1,143,000
0.0%
0.0%
$858,001 - $1,143,000
0.2%
0.2%
$572,001 - $858,000
0.5%
0.5%
$457,001 - $572,000
0.1%
0.1%
$343,001 - $457,000
1.1%
1.1%
$229,001 - $343,000
4.7%
4.7%
$114,001 - $229,000
30.5%
30.5%
$57,001 - $114,000
46.2%
46.2%
$0 - $57,000
16.7%
16.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Low for IL

Value Relative To Nation

Number Of Homes And Apartments:
9,047

Kankakee Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
18.32% 0.79%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,060 / per month

Homeownership Rate

Owners
44.4%
44.4%
Renters
55.6%
55.6%
Vacant
18.9%
18.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.5%
2.5%
1970 - 1999
23.3%
23.3%
1940 - 1969
37.7%
37.7%
1939 or Older
36.5%
36.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
61.7%
61.7%
Townhomes
3.1%
3.1%
Small Apt. Buildings
12.3%
12.3%
Apt. Complexes
21.2%
21.2%
Mobile Homes
1.7%
1.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.3%
5.3%
1 Bedroom
12.0%
12.0%
2 Bedrooms
33.5%
33.5%
3 Bedrooms
35.1%
35.1%
4 Bedrooms
11.0%
11.0%
5 or more bedrooms
3.0%
3.0%
0.0% 100.0%
% OF HOMES