Third Lake, IL
Population 1,203 · Illinois
About Third Lake, IL
Third Lake is a small community in Illinois with a population of 1,203 residents. The median household income is $150,893 per year, which is above the national average. The median age in Third Lake is 50.1 years.
Housing in Third Lake has a median home value of $329,500 and median monthly rent of $0. Of the 501 total housing units, the majority are owner-occupied, with 485 owner-occupied and 4 renter-occupied units.
The unemployment rate in Third Lake is 2.8% and the poverty rate is 2.2%. 70.9% of residents hold a bachelor's degree or higher. The average commute time is 29.5 minutes.
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.
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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 Census data.
What is the median household income in Third Lake?
The median household income in Third Lake, IL is $150,893 per year.
What is the median home value in Third Lake?
The median home value in Third Lake, IL is $329,500.
What is the average rent in Third Lake?
The median monthly rent in Third Lake, IL is $0.
What is the unemployment rate in Third Lake?
The unemployment rate in Third Lake, IL is 2.8%.