Kankakee, IL—60901
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Kankakee, IL
As of Oct '25, the median home price in Kankakee, IL is $153,000, with a year-over-year change of 5.0%. This indicates that home prices in Kankakee, IL are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $153,000 | 5.0% |
| Single Family | $153,000 | 4.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $121,000 | 3.4% |
3 Bed | $180,000 | 4.7% |
4 Bed | $213,000 | 3.9% |
| 5 Bed | $238,000 | 4.4% |
% of Housing Stock
Rental Trends — Kankakee, IL
As of July '25, Rentcast reports the average rent in Kankakee, IL is $1,160, with a year-over-year rent change of 20.1%. Per bedroom, the median rent as of July '25 in Kankakee, IL is studios: $1,040, 1-bedrooms: $916, 2-bedrooms: $1,160, 3-bedrooms: $1,830. The most common rental property sizes in Kankakee, IL are 3-bedroom and 2-bedroom, accounting for 32.3% and 30.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,160 |
| Studio Rent | $750 | $1,040 |
| 1 Bed Rent | $850 | $916 |
| 2 Bed Rent | $1,130 | $1,160 |
| 3 Bed Rent | $1,800 | $1,830 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Kankakee, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Kankakee, IL is 58. This is a increase of 30.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $183,000 | 8.0% |
Listing Count | 124 | 17.0% |
| Listings as % of Homes | 0.6% | 17.0% |
Days on Market | 58 | 30.0% |
Demographics — Kankakee, IL
As of the latest ACS Survey released in 2023, Kankakee, IL has a population of 33,200, which has decreased by -6.4% over the past 5 years. Kankakee, IL is a moderately popular place for families, as children make up 23.7% of the population. The area has a poorly educated workforce, with 15.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 33,200 | -6.4% |
% Under 18 | 23.7% | -1.3% |
% Seniors | 16.0% | 2.6% |
% WFH | 5.5% | 111.5% |
% w/ College Degree | 15.7% | 0.0% |
As of the latest ACS Survey released in 2023, Kankakee, IL is a predominantly white area, with 47.5% of the population identifying as white. The white population has shrunk by 10.7% in the last 5 years. The second most common race or ethnicity in Kankakee, IL is black, making up 30.4% of the population. Foreign-born residents account for 10.2% of the population in Kankakee, IL, and this percentage has increased by 52.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 47.5% | -10.7% |
% Black | 30.4% | -1.6% |
% Hispanic | 18.9% | 41.0% |
% Asian | 0.6% | -33.3% |
% Foreign Born | 10.2% | 52.2% |
Mortgage and Risk — Kankakee, IL
According to HUD data as of 2023, there were 445 mortgage originations in Kankakee, IL, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Kankakee, IL. Investor activity is low, as 6.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 445 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 6.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Kankakee, IL
Kankakee, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1,352 |
Total Units Section 8 | 1,153 |
% Rentals under Section 8 | 22.6% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $850 | $870 |
| 2 Bedroom | $10 | $1,130 | $1,140 |
| 3 Bedroom | -$290 | $1,800 | $1,510 |
| 4 Bedroom | N/A | N/A | $1,510 |
Affordability — Kankakee, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $153,000 |
| Median Household Income | $54,600 |