Compare Kankakee, IL mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Kankakee.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Kankakee. Plus, shopping lenders is free and there is no obligation.
December 1, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Kankakee. Understand how much you need to earn to afford a home in Kankakee, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Kankakee fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Kankakee is right for you.
The median home value for Kankakee, IL is $182,104
Based on current mortgage rates and a 10% down payment, you need to make $37,990 per year to buy the median priced home in Kankakee
With this income, you could qualify for a $163,894 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Kankakee is $880
The median household income for Kankakee, IL is $64,289
Based on this income, you can afford a home valued at approximately $308,169
The home price you can afford to buy based on household income in Kankakee is 169% of the median home value which means housing prices are average. Kankakee ranks 91 out of 102 counties in Illinois and 1,400 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Kankakee, IL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Kankakee below.
Conforming loan limits for Kankakee, IL
FHA loan limits for Kankakee, IL
VA loan limits for Kankakee, IL