Third Lake, Illinois Demographics & Population 2026
During the 2020–2024 ACS period, Third Lake, Illinois had a total population of 1,137, the 666th largest village in Illinois, with a median household income of $150,139, which is 80% higher than the state average. The poverty rate is 2.0%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Household income is 80% above the state average — one of the wealthiest communities in Illinois.
- An exceptionally low poverty rate of 2.0% — among the lowest in Illinois.
- 69.1% of adults hold a bachelor's degree or higher — top 10% in Illinois.
- Housing is very affordable with a home-value-to-income ratio of just 2.4x.
- Near full employment with an unemployment rate of just 2.3%.
Third Lake Quick Facts
How Third Lake Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 1,203 | 1,137 | -5.5% |
| Median household income | $150,893 | $150,139 | -0.5% |
| Median home value | $329,500 | $361,500 | +9.7% |
How Third Lake Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 61 | National average: 61
Education
Educational Attainment (Adults 25+)
Third Lake Rankings in Illinois
Explore Illinois Rankings
Other Cities in Lake County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Waukegan | 89,076 | $71,919 | 15.3% | $190,900 |
| Mundelein | 31,915 | $108,340 | 8.2% | $309,700 |
| North Chicago | 30,643 | $60,172 | 24.5% | $159,600 |
| Gurnee | 30,510 | $119,628 | 5.2% | $344,300 |
| Highland Park | 30,398 | $168,094 | 4.2% | $607,300 |
| Round Lake Beach | 27,079 | $86,059 | 14.8% | $199,200 |
| Vernon Hills | 26,876 | $121,943 | 6.1% | $412,300 |
| Zion | 24,600 | $63,104 | 16.0% | $183,800 |
| Grayslake | 20,929 | $113,972 | 6.3% | $309,500 |
| Libertyville | 20,525 | $165,667 | 4.2% | $512,000 |
Cities Similar to Third Lake
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Tower Lakes | 1,106 | $154,167 | $510,300 | 76.4% | 2.0% |
| Timberlane | 1,278 | $147,308 | $351,000 | 46.2% | 0.8% |
| Hamel | 1,134 | $109,464 | $251,300 | 34.8% | 2.8% |
| Lily Lake | 1,293 | $140,313 | $418,800 | 41.7% | 0.2% |
| Bannockburn | 1,148 | $214,000 | $1,037,200 | 90.0% | 5.1% |
Population Overview
Third Lake is a small community located in Illinois, within Lake County. The total population is 1,137. It ranks as the 666th most populous out of 1,445 Census-designated places in Illinois.
Age Demographics
The median age in Third Lake is 52.2 years. This is 34% higher than the state median of 39.0 years. Only 14.9% of residents are under 18, indicating fewer families with children.
Economy, Income & Housing
The median household income in Third Lake is $150,139. This is 80% higher than the state median of $83,390. It is also 86% higher than the national median of $80,734. The poverty rate stands at 2.0%. This is 83% lower than the state poverty rate of 11.8%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 2.3%. This is 61% lower than the state rate of 5.8%. The median home value is $361,500. Housing costs are 37% higher than the state median of $263,300. With a home-value-to-income ratio of just 2.4x, Third Lake is one of the most affordable housing markets in the area. 99.1% of occupied housing units are owner-occupied. This homeownership rate is 48% higher than the state average of 67.1%.
Race & Ethnicity
The largest racial or ethnic group in Third Lake is White (non-Hispanic), making up 82.2% of the population. Hispanic or Latino residents account for 11.7%. The Black or African American population (0.1%) is well below the state average of 13.3%. The Asian population (2.2%) is well below the state average of 5.9%.
Education
69.1% of residents aged 25 and older hold a bachelor's degree or higher. This places Third Lake in the top 10% of all cities in the state for educational attainment. This is 82% higher than the state rate of 37.9%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 98.7%. Notably, 29.9% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Third Lake, Illinois is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. 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. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Third Lake, Illinois?
Third Lake, Illinois has a population of 1,137 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Third Lake, IL?
The median household income in Third Lake is $150,139, which is 86% higher than the national median of $80,734.
What is the poverty rate in Third Lake, IL?
The poverty rate in Third Lake is 2.0%. This means approximately 23 residents live below the federal poverty line.
What is the racial makeup of Third Lake, Illinois?
Third Lake's population is 82.2% White, 0.1% Black, 11.7% Hispanic/Latino, and 2.2% Asian.
What is the median home value in Third Lake, IL?
The median home value in Third Lake is $361,500. The home-value-to-income ratio is 2.4x.
How educated is Third Lake, Illinois?
69.1% of adults (25+) in Third Lake hold a bachelor's degree or higher, and 29.9% hold a graduate or professional degree.