Kankakee, Illinois Real Estate & Housing Market

Kankakee, IL Listings

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Kankakee Housing Information

Index	Kankakee	Illinois	National
Median home price	$87,800	$174,800	$184,700
Median rent asked	$777	$925	$949
Avg. people per household	2.7	2.6	2.6
Owner occupied households	49.7%	66.0%	63.6%
Renter occupied households	50.3%	34.0%	36.4%

Above, you'll find an overview of the real estate market in Kankakee, IL. Generally, real estate in the Kankakee, IL area is more affordable in Illinois, as the median price of a home in Kankakee, IL is $87,800, which is 50% lower than the Illinois average. The median rental price in Kankakee, IL is $777. This is 16% lower than the average rental price in Illinois. Home owners comprise 49.7% of the population of Kankakee, IL, where an average of 2.7 people live in each home. Various real estate options from luxurious homes to affordable condos and urban townhomes are available in Kankakee, IL. Below, you can search for real estate listings in Kankakee, IL using our search functionality that allows you to personalize your search and filter out location, price, and number of bedrooms and bathrooms.

Kankakee Home Affordability

When searching for real estate in Kankakee, IL, home affordability is a critical aspect. The ratio of the house price to the median household income is one method used to figure out home affordability. In Kankakee, IL, the median house price is $87,800, while the median income for households in the area is $33,931. Therefore, the ratio of house price to income is 2.6x; this ratio is 12% lower than the average in Illinois. The calculation for the ratio of home affordability requires dividing the median household income by the median house price. The lower the aforementioned ratio, the more affordable homes are - when comparing the house price to the household income. However, there are more factors that come into play in terms of home affordability. The calculator below determines home affordability, and it can help you decide how much money you can afford to pay for real estate in Kankakee, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Hopkins Park, IL	413	$50,000	73%
Donovan, IL	236	$71,800	61%
Sun River Terrace, IL	459	$77,400	58%
Beaverville, IL	314	$77,500	58%
Papineau, IL	198	$78,300	58%
Kankakee, IL	26,424	$87,800	52%

Cities with similar population

City, State	Population	Home Price	National Avg.
Lemon Grove, CA	26,421	$346,400	88%
Holbrook, NY	26,435	$360,800	95%
Batavia, IL	26,413	$278,600	51%
Medina, OH	26,445	$160,700	13%
Wakefield, MA	26,399	$433,000	134%
Kankakee, IL	26,424	$87,800	52%

Source: The Kankakee, IL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).