Cost of Living in Third Lake, IL

With a cost of living index of 103, Third Lake, IL is somewhat more expensive than average. Living here is 3% more expensive than the national average and 23% above the Illinois state average of 80. Third Lake is a small community of 1,203 residents.

The median household income in Third Lake is $150,893, which is 101% higher than the national median of $75,149.

Climate is another factor for anyone considering a move to Third Lake. The area sees an average annual temperature of 48.3°F, with summers averaging 69°F and winters around 26°F. Annual rainfall totals 35.3 inches spread over roughly 129 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Chicago-Naperville-Elgin, IL-IN (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.