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Kankakee, IL—60901

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$161,000
4.9% YoY Growth
Household Income
$54,600
14.5% YoY Growth
Days on Market
55
23.0% Longer YoY
Home Price Forecast
1.2%
Median Rent
$1,100
20.1% YoY Growth
1-Bed Rent
$850
8.7% YoY Growth
2-Bed Rent
$1,130
10.5% YoY Growth
3-Bed Rent
$1,800
52.5% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Kankakee, IL

As of May '26, the median home price in Kankakee, IL is $161,000, with a year-over-year change of 4.9%. This indicates that home prices in Kankakee, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$161,0004.9%
Single Family $161,0005.2%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$126,0005.0%
    3 Bed
    		$185,0003.9%
    4 Bed
    		$220,0004.3%
    5 Bed $244,4484.8%
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    % of Housing Stock

    Studio
    3.1%
    1 Bedroom
    10.0%
    2 Bedrooms
    25.9%
    3 Bedrooms
    47.2%
    4 Bedrooms
    11.3%
    5+ Bedrooms
    2.5%

    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.

    TypeMedian RentAverage 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/AN/A
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    % of Rental Stock

    Studio
    7.5%
    1 Bedroom
    21.5%
    2 Bedrooms
    30.4%
    3 Bedrooms
    32.3%
    4 Bedrooms
    6.1%
    5+ Bedrooms
    2.2%

    Property Listings — Kankakee, IL

    As of May '26, Realtor.com reports that the median days on market for a home in Kankakee, IL is 55. This is a increase of 23.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$209,00012.0%
    Listing Count
    		10115.0%
    Listings as % of Homes0.6%15.0%
    Days on Market
    		5523.0%
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    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.

    MetricLatest CensusYoY % 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%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$20$850$870
    2 Bedroom$10$1,130$1,140
    3 Bedroom-$290$1,800$1,510
    4 BedroomN/AN/A$1,510

    Affordability — Kankakee, IL

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.3
    Median Home Price$161,000
    Median Household Income$54,600

    Kankakee, IL — ZIP Code Boundary Map

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    Frequently Asked Questions