Third Lake, Illinois.
Typical home $424,472 (+4.2% in a year). Chicago-Naperville-Elgin, IL-IN-WI metro.
to buy the typical home at today's mortgage rate — +$1,246 (+127%) since Jan 2020.
- 1 year
- Up $17,039 +4%
- $407,433$424,472 since Sep 2025
- 5 years
- Up $110,584 +35%
- $313,888$424,472 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Third Lake$2,228
- Illinois$1,553
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 11 years.
Typical home values in Third Lake, IL rose 4.2% over the past year — faster than the nation's +1.2%.
Living in Third Lake, Lake County, Illinois
Third Lake is a village of 1,111 people in Lake County. Half its households earn more than $150,139 a year and half less, against $110,416 across Lake County; 2% of its people live below the poverty line. 99% of its homes are lived in by their owners and 1% are rented. Unemployment in Lake County was 3.8% in August 2026, and the county had 1.1% fewer jobs in 2025 than the year before. The most residents work in professional services, then schools and health care.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Third Lake is a small village in Lake County, Illinois, and nearly everyone who lives here owns their home. Household incomes run well above the county's, and very few residents live below the poverty line. Most adults have a four-year degree, and winters are cold and snowy, with January the coldest month and July the warmest.
Work. Residents work mainly in professional and business services, in schools, hospitals and social care, in manufacturing, and in restaurants, hotels and entertainment. Across Lake County, some of the largest workplaces are AbbVie, Abbott and Discover Financial Services. The typical commute is a fairly long one, and a good number of people work from home.
Things to do. Six Flags Great America, an amusement park, is a short drive away, and so are the roller coasters inside it, such as Raging Bull and Goliath. For something quieter, the Chicago Botanic Garden is a longer drive away. Geneva Lake, also a longer drive, is a lake that draws visitors for a day out on the water.
Report a mistake
- 463households
- 69%of adults have a degree
- 2%below the poverty line
- 30 mintypical commute
- 21%work from home
What residents work in
Employed residents by industry, from the Census survey. Lake County had 325,826 jobs in 2025, 1.1% fewer than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 30° and lows near 15°; warmest in July, with highs near 82° and lows near 63°. About 43 inches of snow and 38 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Lake Villa 2NE weather station, 5 miles away (NOAA).
Largest workplaces in Lake County
- AbbVie (Abbott Park )Pharmaceutical preparations manufacturing8,297
- AbbVie - US FieldOffice administration services6,857
- AbbottSurgical and medical instrument manufacturing4,909
- Discover Financial ServicesOffice administration services4,822
- AbbVie (Mettawa)Office administration services3,503
- CDWComputer peripheral equipment merchant wholesalers3,224
- AbbVie (North Chicago)Pharmaceutical preparations manufacturing3,218
- Zebra Technologies Corporation (IL151)Computer terminals manufacturing2,548
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 579 workplaces with 20 or more staff, 117,782 people in all across the county; Third Lake has none of its own. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- Cold wavesRelatively high
- TornadoesRelatively high
- Inland floodingRelatively high
- Strong windrelatively high in parts of Third LakeRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Third Lake’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Lake County and the Chicago-Naperville-Elgin, IL-IN-WI metro.
Third Lake home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Third Lake$424,472
- Illinois$295,943
- United States$366,157
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Third Lake4
Zip codes with a Third Lake address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Third Lake — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.
Zillow publishes no zip-level series with this city on the address.