Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$227,165+6.0% YoY · prices are rising fast
Market right nowSeller's marketFewer homes for sale than last year, 22% have cut their price
Income needed to buy, per year$49,245About 0.6× the local median income ($75,936): affordable for a typical household
Days on market43 daysFaster than a year ago: sellers have the edge
Next 12 months+4.2%Zillow expects prices to rise strongly
The typical home in Kankakee, IL is worth $227,165, up 6.0% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $214,102, so the area is 6.1% overvalued. It is a seller's market: homes take about 43 days to sell, listings are down 4% from a year ago, 22% of listings have had a price cut. Zillow expects prices to rise about 4.2% over the next year. A household needs about $49,245 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $75,936. Typical rent is $1,327 a month, or $1,558 for a house. In the latest IRS figures, 13 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$227,165
Change in 1 year
+6.0%
Overvalued %
+6.1%
Show 7 more
Fair home value
$214,102
Change in 5 years
+31.7%
Zillow forecast, next 12 months
+4.2%
Home value to income
3.0×
Monthly mortgage payment (20% down)
$1,231
Income needed to afford it
$49,245
Property tax rate
2.21%
Rent and investing
Typical rent
$1,327
Typical rent for houses
$1,558
Price-to-rent ratio
14.3×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,349
Gross rental yield
7.01%
Cap rate (estimate)
4.56%
Market activity
Listings vs a year ago
−4.1%
Days on market
43
Listings with a price cut
22.0%
Show 3 more
Homes for sale
208
Pending sales per 100 listings
58
Asking price per sq ft
$166
People and jobs
Median household income
$75,936
Population change (1 year)
−0.3%
Unemployment rate
4.9%
Show 4 more
Population
105,525
Income adjusted for cost of living
$78,772
Net moves in (IRS)
+13
Cost of living (US = 100)
96.4
Schools, risk and environment
School rating (1 to 10)
5.0
FEMA hazard risk score (0 to 100)
88.2
Flood risk score
92.5
Show 3 more
Wildfire risk score
20.3
Walkability (1 to 20)
6.9
Road, rail and air noise
52 dB
Questions people ask
Is Kankakee, IL overvalued?
Home prices in Kankakee, IL are slightly above what local incomes have historically supported: fair value is about $214,102, so the area is 6.1% overvalued.
Is Kankakee, IL a buyer's or seller's market?
Kankakee, IL is a seller's market: homes take about 43 days to sell, listings are down 4% from a year ago, 22% of listings have had a price cut.
Are home prices going down in Kankakee, IL?
Home values in Kankakee, IL are up 6.0% over the last year. Zillow's forecast for the next 12 months is +4.2%.
How much do you need to earn to buy a home in Kankakee, IL?
A household needs about $49,245 a year to afford the typical home in Kankakee, IL at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $75,936.