Third Lake village, Illinois Demographics & Population 2026

Population Overview

Third Lake village is a small community located in Illinois. The total population is 1,203. It ranks as the 643rd most populous out of 1,445 cities and towns in Illinois.

Age Demographics

The median age in Third Lake village is 50.1 years. This is 29% higher than the state median of 38.9 years.

Economy, Income & Housing

The median household income in Third Lake village is $150,893. This is 85% higher than the state median of $81,702. Compared to the national median of $78,538, household income here is 92% higher. The poverty rate stands at 2.2%. This is 82% lower than the state poverty rate of 11.7%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 2.8%. This is 52% lower than the state rate of 5.8%. The median home value is $329,500. Housing costs are 32% higher than the state median of $250,500. With a home-value-to-income ratio of just 2.2x, Third Lake village is one of the most affordable housing markets in the area. 99.2% of occupied housing units are owner-occupied. This homeownership rate is 48% higher than the state average of 66.8%.

Race & Ethnicity

The largest racial or ethnic group in Third Lake village is White (non-Hispanic), making up 82.9% of the population. Hispanic or Latino residents account for 14.0%. The Asian population (1.3%) is well below the state average of 5.8%.

Education

70.9% of residents aged 25 and older hold a bachelor's degree or higher. This places Third Lake village in the top 10% of all cities in the state for educational attainment. This is 91% higher than the state rate of 37.2%. Nationally, 35.0% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 99.6%. Notably, 35.6% of adults hold a graduate or professional degree, indicating a highly educated workforce.

Data Sources & Methodology

All demographic data for Third Lake village, Illinois is sourced from the U.S. Census Bureau's American Community Survey (ACS) 5-Year Estimates (2019-2023). The ACS collects data from approximately 3.5 million households annually, providing reliable estimates for communities of all sizes. Comparisons are made against Illinois state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 1,445 Census-designated places in Illinois. For official data, visit data.census.gov.