Kankakee, Illinois Housing Market Prices
Kankakee Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 56% below the Illinois median$66,247
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Median rent 19% below the Illinois median$1,035
Housing Market Overview
| Metric | Kankakee | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $66,247 | $149,936 | $248,835 |
| Price Trend (Annual %) | 0.7% | 2.5% | 7.5% |
| Median Gross Rent | $1,035 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Kankakee is about 56% lower than in Illinois. Rent is about 19% lower than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Kankakee, up about 0.7% and 3.6% a year respectively. Rent is changing faster.
Median rent in Kankakee rose about 33.7% between 2015 and 2024, from $774 to $1,035. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Kankakee.
Buying the median-priced home in Kankakee costs roughly 5.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Kankakee. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Kankakee | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $66,247 | $149,936 | $248,835 |
| Median Household Income | $49,385 | $84,042 | $80,455 |
| Price-to-Income Ratio | 1.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Kankakee fell about 2.0%, while median household income rose about 45.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Kankakee | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.1% | 61.9% | 58.5% |
| Rental Rate | 40.6% | 30.4% | 31.2% |
| Vacancy Rate | 17.4% | 7.7% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Kankakee has a homeownership rate of 42.1%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 17.4%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Kankakee | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1954 | 1969 | 1978 |
| Median Number of Rooms | 5.2 | 5.6 | 5.5 |
The typical housing unit in Kankakee was built around 1954. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Kankakee, Illinois.
What is the median home price in Kankakee, Illinois?
The median home price in Kankakee, Illinois is $66,247, lower than the Illinois average of $149,936.
What is the average home price in Kankakee, Illinois?
The typical home price in Kankakee, Illinois, reported as the median sale price, is $66,247. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Kankakee, Illinois?
The median gross rent in Kankakee, Illinois is $1,035 per month, lower than the Illinois average of $1,274.
What was the median gross rent in Kankakee in 2020?
In 2020, the median gross rent in Kankakee, Illinois was $861 per month.
What is the price-to-rent ratio in Kankakee, Illinois?
The price-to-rent ratio in Kankakee, Illinois is about 5.3, meaning it would take roughly 5.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Kankakee.
Are home prices or rent rising faster in Kankakee, Illinois?
Both home prices and rent are rising in Kankakee, up about 0.7% and 3.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Kankakee, Illinois?
42.1% of households in Kankakee, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Kankakee, Illinois?
The housing vacancy rate in Kankakee, Illinois is 17.4%, higher than the Illinois average of 7.7%.
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