Living in Third Lake, Illinois
Cost of living, income, home prices, rent and demographics of Third Lake · Census data 2020–2024
Third Lake has 1,137 residents with a median age of 52.2. The median household income is $150,139 (80% higher than the Illinois median), the median home value is $361,500.
Third Lake is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Third Lake at a glance
- Population
- 1,137
- Median age
- 52.2State: 39
- Median household income
- $150,139State: $83,390
- Median home value
- $361,500State: $263,300
- Homeowners
- 99.1%
- Bachelor's degree or higher
- 69.1%
- Average commute
- 30 min
Is Third Lake a good place to live?
Pros: Median household income 80% higher than the Illinois median; unemployment of 2.3%; a poverty rate of 2%.
Cons: Home values 37% higher than the state median; an average commute of 30 minutes.
The weather is best in June to September.
Cost of living in Third Lake
Housing is the biggest part of the cost of living. In Third Lake the median home value is $361,500, 9% higher than the U.S. median. Renters pay a median of — per month. Homeowners with a mortgage pay $2,588 a month in housing costs.
Third Lake median household income
The median household income in Third Lake is $150,139 and the income per person is $67,094. 2% of residents live below the poverty line (Illinois: 11.8%).
Housing in Third Lake: homes for sale and rent
- Housing units
- 481
- Owner-occupied
- 99.1%
- Renter-occupied
- 0.9%
- Vacant
- 3.7%Includes seasonal homes
- Median year built
- 1985
- Average household size
- 2.44
Third Lake demographics
- Population
- 1,137
- Median age
- 52.2
- Under 18
- 15%
- 65 and older
- 27.9%
- Households
- 463
- Foreign-born
- 7.1%
- Veterans
- 4.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Third Lake ›
Education in Third Lake
69.1% of adults 25 and older in Third Lake have a bachelor's degree or higher (Illinois: 37.8%), and 29.9% have a graduate or professional degree.
Jobs and commute in Third Lake
- Unemployment rate
- 2.3%State: 5.8%
- Average commute
- 30 minState: 28 min
- Work from home
- 20.9%
- Drive alone
- 67.1%
- Public transit
- 3.2%
- Walk to work
- 2.7%
- Homes with broadband
- 100%
Third Lake vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Third Lake | 1,137 | $150,139 | $361,500 | — |
| Gages Lake | 10,819 | $103,318 | $310,500 | $1,693 |
| Grandwood Park | 5,262 | $126,736 | $330,500 | $1,836 |
| Grayslake | 20,929 | $113,972 | $309,500 | $1,485 |
| Venetian Village | 2,334 | $79,273 | $231,100 | $1,711 |
| Lindenhurst | 14,417 | $131,474 | $294,100 | $1,768 |
| Gurnee | 30,510 | $119,628 | $344,300 | $1,655 |
| Round Lake Beach | 27,079 | $86,059 | $199,200 | $1,543 |
| Hainesville | 3,524 | $129,911 | $210,500 | $1,225 |
More for people moving to Third Lake
Third Lake ZIP code ›Weather and climate ›Living in Third Lake: FAQ
What is the median household income in Third Lake, IL?
The median household income in Third Lake is $150,139, 80% higher than the Illinois median of $83,390 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Third Lake?
The median home value in Third Lake is $361,500, compared with $263,300 in Illinois.
Is Third Lake, IL a good place to live?
Pluses: median household income 80% higher than the Illinois median; unemployment of 2.3%; a poverty rate of 2%. Minuses: home values 37% higher than the state median; an average commute of 30 minutes.
What is the median age in Third Lake?
The median age in Third Lake is 52.2 years (Illinois: 39).
How long is the commute in Third Lake?
The average commute to work in Third Lake is 30 minutes; 20.9% of workers work from home.
What is the unemployment rate in Third Lake?
The unemployment rate in Third Lake is 2.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Third Lake?
69.1% of adults in Third Lake have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
Last updated: