Third Lake, IL Profile: Facts & Data

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Third Lake, Illinois - Basic Facts

The Village of Third Lake had a population of 1,103 as of July 1, 2019. Third Lake ranks in the upper quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Illinois. See peer rankings below.

The primary coordinate point for Third Lake is located at latitude 42.3739 and longitude -88.0109 in Lake County. The formal boundaries for the Village of Third Lake encompass a land area of 0.59 sq. miles and a water area of 0.26 sq. miles. Lake County is in the Central time zone (GMT -6). The elevation is 774 feet.

The Village of Third Lake (GNIS ID: 2399970) has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

The Village of Third Lake is located within Township of Avon, a minor civil division (MCD) of Lake County.


Jump to... (On This Page!)
  1. Third Lake 2019 Demographic Data
  2. Growth Rates for Third Lake (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Illinois Research Tools (Easy Tools & Current Data)
  3. Illinois Data Comparison Tool - 2019 Demographics

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Boundary Maps, Demographic Data, School Zones Review maps and data for the neighborhood, city, county, ZIP Code, and school zone. July 1, 2019, data includes home values, household income, percentage of homes owned, rented or vacant, etc.


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Third Lake, IL Data & Demographics (As of July 1, 2019)

HOUSING AFFORDABILITY INDEX

Third Lake, IL Housing Affordability Index is 245
State of Illinois Housing Affordability Index is 119
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.

WEALTH INDEX

Third Lake, IL Wealth Index is 229
State of Illinois Wealth Index is 105
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

These new demographic attributes are availiable for cities, Counties, ZIP Codes and even neighborhoods (Census Blocks) when you search by a specific Illinois address.

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  1. New 2-Minute Introduction and Concise Guide to Big Data which will help you make the most effective use of HomeTownLocator Tools.
  2. References & Data Sources page for more information about methodology and sources of data.

POPULATION

Total Population 1,103
Population in Households 1,098
Population in Familes 1,010
Population in Group Qrtrs 5
Population Density 1,882
Diversity Index1 42
 

INCOME

Median Household Income $122,953
Average Household Income $149,514
Per Capita Income $50,218
Wealth Index3 229

HOUSING

Total Housing Units 421 (100%)
Owner Occupied HU 345 (81.9%)
Renter Occupied HU 36 ( 8.6%)
Vacant Housing Units 41 ( 9.7%)
Median Home Value $267,470
Housing Affordability Index2 245
 

HOUSEHOLDS

Total Households 380
Average Household Size 2.89
Family Households 316
Average Family Size 3
NOTES
  1. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different race or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  2. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  3. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

GROWTH RATE / YEAR

2010-2019 2019-2024
Population -0.76% -0.66%
Households -0.55% -0.53%
Families -0.63% -0.58%
Median Household Income   3.02%
Per Capita Income   3.02%

Third Lake, IL - Peer Comparisons by Rank and Percentile

The table below compares Third Lake to the other 1,369 incorporated cities, towns and CDPs in Illinois by rank and percentile using July 1, 2019 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 681 50th
Population Density # 298 78th
Diversity Index # 241 82nd
Median Household Income # 38 97th
Per Capita Income # 73 95th

Additional comparisons and rankings can be made with a VERY EASY TO USE Illinois Census Data Comparison Tool.

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