Kankakee housing market
Typical home value
$227K
▲ 6.0% 1 yr
Typical rent
$1,327/mo
▲ 5.7% 1 yr
12-month forecast
+4.2%
#46 of 546 metros
Gross rent yield
7.0%
#126 of 546 · U.S. 6.3%
Days to pending
27 days
▼ −6 days 1 yr
Listings with a price cut
24%
▼ −5.2 pts 1 yr
Key takeaways
- 1The typical home is worth $227,165, up 6.0% in a year and up 32% over five years.
- 2Zillow forecasts home values rising 4.2% over the next 12 months (U.S.: +1.1%).
- 3Typical rent is $1,327/mo (+5.7% YoY), a 7.0% gross yield, above the U.S. 6.3%.
- 4At 7.32% with 20% down, the typical home costs $1,248/mo in principal and interest, $79 less than renting.
- 5Homes go under contract in 27 days (−6 days vs last year); 24% of listings have had a price cut.
Market temperature
Seller's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 58/100, #53 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
How fast homes are selling
For saleNew listings
Affordability
To buy (20% down)To rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Kankakee compares
| Measure | Kankakee | United States | Rank of 546 |
|---|---|---|---|
| Home value, 1-yr change | +6.0% | +1.2% | #39 |
| Home value, 5-yr change | +31.7% | +19.7% | |
| 12-month forecast | +4.2% | +1.1% | #46 |
| Rent, 1-yr change | +5.7% | +2.7% | #83 |
| Gross rent yield | 7.0% | 6.3% | #126 |
| Price-to-rent ratio | 14.3 | 15.8 | |
| Mortgage P&I on typical home | $1,248 | $2,012 | |
| Income needed to buy | $73,786 | $100,902 | |
| Days to pending | 27 | 56 |
Cities in the Kankakee metro
1 cities with home value and rent data.
| Kankakee | $156K | ▲ 4.4% | $1,204 | ▲ 3.3% | 9.3% |
Run the numbers
Rental property calculator
Cash flow on a typical Kankakee rental ($227K, $1,327/mo), pre-filled.
Mortgage calculator
Monthly payment on a typical Kankakee home.
Rent vs buy
Is it cheaper to rent or buy in Kankakee?
Other Illinois metros
Chicago, IL
$356K home$2,163 rent7.3% yield
▲ 5.0% 1 yr
Peoria, IL
$175K home$1,157 rent7.9% yield
▲ 6.4% 1 yr
Davenport, IA
$195K home$1,003 rent6.2% yield
▲ 4.8% 1 yr
Rockford, IL
$222K home$1,299 rent7.0% yield
▲ 8.5% 1 yr
Champaign, IL
$239K home$1,384 rent6.9% yield
▲ 4.9% 1 yr
Springfield, IL
$201K home$1,207 rent7.2% yield
▲ 7.4% 1 yr
Bloomington, IL
$261K home$1,292 rent5.9% yield
▲ 1.9% 1 yr
Carbondale, IL
$151K home$811 rent6.4% yield
▲ 1.5% 1 yr
Gross yield = 12 × typical rent ÷ typical home value, before expenses. Mortgage estimate: 20% down, 30-year fixed at the current Freddie Mac average, principal and interest only. Forecast: Zillow Home Value Forecast. Data refreshed Oct 26, 2026.