Living in Three Lakes, Michigan
Cost of living, income, home prices, rent and demographics of Three Lakes · Census data 2020–2024
Three Lakes has 172 residents with a median age of 62.3. The median household income is $103,542 (42% higher than the Michigan median), the median home value is $285,700.
Three Lakes is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Three Lakes at a glance
- Population
- 172
- Median age
- 62.3State: 40.2
- Median household income
- $103,542State: $72,875
- Median home value
- $285,700State: $231,600
- Homeowners
- 94.3%
- Bachelor's degree or higher
- 43%
- Average commute
- 44 min
Is Three Lakes a good place to live?
Pros: Median household income 42% higher than the Michigan median; unemployment of 1.6%; a poverty rate of 5.8%.
Cons: Home values 23% higher than the state median; an average commute of 44 minutes.
The weather is best in June to September.
Cost of living in Three Lakes
Housing is the biggest part of the cost of living. In Three Lakes the median home value is $285,700, 14% lower than the U.S. median. Renters pay a median of — per month. Homeowners with a mortgage pay $1,486 a month in housing costs.
Three Lakes median household income
The median household income in Three Lakes is $103,542 and the income per person is $50,259. 5.8% of residents live below the poverty line (Michigan: 13.2%).
Housing in Three Lakes: homes for sale and rent
- Housing units
- 246
- Owner-occupied
- 94.3%
- Renter-occupied
- 5.7%
- Vacant
- 64.6%Includes seasonal homes
- Median year built
- 1973
- Average household size
- 1.98
64.6% of homes are vacant most of the year, a sign that Three Lakes has many vacation and second homes.
Three Lakes demographics
- Population
- 172
- Median age
- 62.3
- Under 18
- 4.7%
- 65 and older
- 40.7%
- Households
- 87
- Foreign-born
- 1.2%
- Veterans
- 15.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Three Lakes ›
Education in Three Lakes
43% of adults 25 and older in Three Lakes have a bachelor's degree or higher (Michigan: 32.4%), and 19% have a graduate or professional degree.
Jobs and commute in Three Lakes
- Unemployment rate
- 1.6%State: 5.7%
- Average commute
- 44 minState: 24 min
- Work from home
- 16.7%
- Drive alone
- 68.3%
- Public transit
- 0%
- Walk to work
- 0%
- Homes with broadband
- 78.2%
Three Lakes vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Three Lakes | 172 | $103,542 | $285,700 | — |
| Michigamme | 229 | $52,083 | $163,900 | — |
| Republic | 519 | $37,083 | $74,400 | $775 |
| Covington | 112 | $55,625 | $141,100 | — |
| L'Anse | 1,790 | $52,317 | $104,100 | $646 |
| Zeba | 342 | $55,000 | $105,400 | — |
| Baraga | 1,939 | $43,558 | $114,600 | $495 |
| West Ishpeming | 2,851 | $95,129 | $193,900 | $1,063 |
| Skanee | 116 | $62,031 | $231,900 | — |
More for people moving to Three Lakes
Three Lakes ZIP code ›Weather and climate ›Living in Three Lakes: FAQ
What is the median household income in Three Lakes, MI?
The median household income in Three Lakes is $103,542, 42% higher than the Michigan median of $72,875 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Three Lakes?
The median home value in Three Lakes is $285,700, compared with $231,600 in Michigan.
Is Three Lakes, MI a good place to live?
Pluses: median household income 42% higher than the Michigan median; unemployment of 1.6%; a poverty rate of 5.8%. Minuses: home values 23% higher than the state median; an average commute of 44 minutes.
What is the median age in Three Lakes?
The median age in Three Lakes is 62.3 years (Michigan: 40.2).
How long is the commute in Three Lakes?
The average commute to work in Three Lakes is 44 minutes; 16.7% of workers work from home.
What is the unemployment rate in Three Lakes?
The unemployment rate in Three Lakes is 1.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Three Lakes?
43% of adults in Three Lakes 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.
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