Third Lake, IL
Population 1,203 · Illinois
About Third Lake, IL
Third Lake is a small town located in Illinois with a population of 1,203 residents according to the latest US Census Bureau American Community Survey data. The median household income is $150,893 per year, which is 101% above the national median of $75,149. The median age of 50.1 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Third Lake features a median home value of $329,500, which is 35% above the national median of $244,900. This positions Third Lake in a moderately priced market relative to the rest of the country. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 501 total housing units, 99% are owner-occupied (485 units) and 1% are renter-occupied (4 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Third Lake shows an unemployment rate of 2.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 2.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Third Lake have an average one-way commute time of 29.5 minutes.
Education & Demographics
70.9% of Third Lake residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 8.0% White, 6.2% Hispanic or Latino, 0.0% Black or African American, and 6.0% Asian residents, with 6.7% of the population being foreign-born.
How Third Lake Ranks in Illinois
Cost of Living in Third Lake, IL
Compared to national averages, Third Lake has a median household income of $150,893 (101% above the national median of $75,149). Home values average $329,500, which is 35% above the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Illinois, Third Lake's income is 101% above the state average of $75,072, and home values are 99% above the state median of $165,779.
Why Live in Third Lake, IL?
Third Lake offers a strong local economy with a median household income of $150,893, well above the national average, and rent that’s lower than the national average at $0/month, and a strong job market with an unemployment rate of just 2.8%. Additionally, the city features a well-educated community where 70.9% of residents hold a bachelor’s degree or higher, and a low poverty rate of 2.2%, better than the national average.
Third Lake has a population of 1,203 with a median age of 50.1 years. Compare Third Lake with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Third Lake
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Milledgeville | 1,199 | $59,688 | $89,200 | Compare |
| Big Rock | 1,208 | $126,667 | $290,100 | Compare |
| Camp Point | 1,197 | $58,438 | $111,700 | Compare |
| Toledo | 1,209 | $59,881 | $92,200 | Compare |
| Martinsville | 1,212 | $65,000 | $73,600 | Compare |
| North Utica | 1,215 | $99,722 | $212,000 | Compare |
| New Milford | 1,183 | $73,125 | $130,200 | Compare |
| Oreana | 1,183 | $93,194 | $129,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Third Lake With Other Cities
Frequently Asked Questions about Third Lake
What is the population of Third Lake, IL?
The population of Third Lake, IL is 1,203 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Third Lake?
The median household income in Third Lake, IL is $150,893 per year, which is 101% above the national median of $75,149.
What is the median home value in Third Lake?
The median home value in Third Lake, IL is $329,500, which is 35% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Third Lake?
The median monthly rent in Third Lake, IL is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Third Lake?
The unemployment rate in Third Lake, IL is 2.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Third Lake, IL a good place to live?
Third Lake offers above-average incomes, a competitive housing market, and a strong job market. With a population of 1,203 and a median age of 50.1, the city appeals to established professionals and retirees.
How educated is Third Lake, IL?
70.9% of residents in Third Lake aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Third Lake?
Key cost-of-living indicators for Third Lake, IL: median home value is $329,500 (35% above national), median rent is $0/month, and median household income is $150,893. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Third Lake?
The poverty rate in Third Lake, IL is 2.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Third Lake, IL?
Third Lake's population is 8.0% White, 6.2% Hispanic or Latino, 0.0% Black or African American, 6.0% Asian, and 0.0% two or more races. 6.7% of residents are foreign-born.