HomeIllinoisLake CountyThird Lake village
Third Lake village, Illinois: commercial real estate data.
Third Lake village is a Census village of 1,137 people across 0.59 square miles of land, in Lake County. Median household income is $150,139, 99.1 percent of occupied homes are owned.
62 sourced place values · tier FULL · 8 sections · underlined figures are computed by MMCG Analytics, not published by the agency
Third Lake
What Third Lake is
- Census place typevillage
- Land area0.59 sq mi
- Water area0.29 sq mi
- Population per square mile of land1,933 plus or minus 400
- County holding the largest share of its areaLake County, 100.0 percent
US Census Bureau, cartographic boundary file, places, 2024 vintage. US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Third Lake
How many people live in Third Lake
- Population1,137 plus or minus 235
- Median age52.2
- Population under 18170 plus or minus 54
- Share under 1815.0 percent plus or minus 3.6
- Population 65 and over317 plus or minus 100
- Share 65 and over27.9 percent plus or minus 6.6
- Households463 plus or minus 107
- Family households365 plus or minus 99
- Share of households that are families78.8 percent
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Third Lake
Income and work in Third Lake
- Median household income$150,139 plus or minus $30,382
- Per capita income$67,094
- Civilian labor force613 plus or minus 124
- Employed599 plus or minus 122
- Unemployed14 plus or minus 15
- Unemployment rate2.3 percent plus or minus 2.4
- Adults 25 and over863 plus or minus 188
- Adults 25 and over with a high school diploma or higher98.7 percent plus or minus 28.6
- Adults 25 and over with a bachelor degree or higher69.1 percent
- Adults 25 and over with a graduate degree29.9 percent plus or minus 13.3
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Third Lake
Housing in Third Lake
- Housing units481 plus or minus 111
- Occupied units463 plus or minus 107
- Vacant units18 plus or minus 19
- Vacancy rate3.7 percent plus or minus 3.9
- Owner occupied459 plus or minus 108
- Renter occupied4 plus or minus 6
- Ownership rate99.1 percent
- Median owner-occupied home value$361,500
- Single family units471 plus or minus 111
- Share single family97.9 percent
- Units in buildings of two or more10 plus or minus 20
- Share in buildings of two or more2.1 percent plus or minus 4.1
- Mobile homes0
- Median year structure built1985
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Third Lake
How Third Lake gets to work
- Workers 16 and over who commute474 plus or minus 106
- Commuting under 15 minutes68 plus or minus 33
- Share commuting under 15 minutes14.3 percent plus or minus 6.2
- Commuting 30 minutes or more199 plus or minus 60
- Share commuting 30 minutes or more42.0 percent plus or minus 8.6
- Drove alone67.1 percent
- Carpooled5.8 percent plus or minus 3.3
- Public transport3.2 percent plus or minus 2.9
- Walked2.7 percent plus or minus 2.6
- Worked from home20.9 percent plus or minus 5.4
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Third Lake
SBA loans in Third Lake (504)
- Approvals2
- Gross approval$695,000
- Average approval$347,500
- Median approval$388,000
- Largest approval$388,000
- Jobs supported9
- Loans with a final outcome1
- Charged off0
- Median term300 months
- Distinct CDCs1
US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Third Lake
Flood risk in Third Lake
- Listed NFIP communities1
- Of those, participating1
- NFIP community number170392
- Currently effective map date10/05/23
This community carries no Community Rating System class, so no CRS premium discount applies to it.
FEMA, National Flood Insurance Program Community Status Book, Community Status Book, as retrieved.
Lake County, not Third Lake
Lake County context, not Third Lake figures
These are Lake County figures. There is no place level equivalent published for any of them, so they are shown as the county backdrop and never as Third Lake measurements.
- Establishments in Lake County20,076
- Employment at those establishments, Lake County337,069
- Covered employment, Lake County329,354
- Average annual pay, Lake County$91,042
- Average weekly wage, Lake County$1,751
- Housing units permitted, Lake County1,042
- Of those, single family, Lake County531
- County product, 2024, Lake County$82,868,798,000
- County product change over the prior year, Lake County3.7 percent
- Average income of an arriving household, Lake County$132,863
Every figure in this section is published for Lake County as a whole and is not a measurement of Third Lake. It is here because a county backdrop is what a credit committee reads a place against, and it is labelled so that it can never be quoted as the place's own.
US Census Bureau, County Business Patterns, 2023. US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages. US Census Bureau, Building Permits Survey, 2024 annual. US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024. US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No median gross rent is published for this place.
- Parcel level detail, zoning and flood zone at an address are resolved in the platform, not on this page.
SBA figures count approvals to borrowers whose address is in the place. They are not approvals for projects inside the place boundary: the tape records a borrower city and a project county, and those can differ.
Common questions
Third Lake questions, answered from the record.
How many people live in Third Lake, Illinois?
1,137, in 463 households. Third Lake village covers 0.59 square miles of land, which is 1,933 people per square mile. Source: US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
What county is Third Lake in?
Lake County, which holds 100.0 percent of the place by area. Source: US Census Bureau, cartographic boundary file, places, 2024 vintage.
What is the median household income in Third Lake?
$150,139. The median owner-occupied home is valued at $361,500. Source: US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Is Third Lake in the National Flood Insurance Program?
Yes. Third Lake appears in the FEMA Community Status Book as community 170392, with no Community Rating System class, so no CRS discount applies. Whether a specific parcel sits in a mapped special flood hazard area is an address level question the platform answers.
Are the county figures on this page Third Lake figures?
No, and they are labelled so. County Business Patterns, QCEW, the Building Permits Survey, BEA product and IRS migration are published for Lake County as a whole and there is no place level equivalent. They appear in one clearly marked section as context and are never presented as measurements of Third Lake.
Is zoning published for Third Lake?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning.