Third Lake Illinois Income Charts

This section shows the Third Lake Illinois economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Third Lake depicts it has a Median earnings of $69,286 which is in the mid range of other places in the metropolitan area. The city with the highest median earnings per worker in the area is Grandwood Park CDP which shows a median earnings of $71,834 (only about 3.7% larger). Comparing median earnings per worker to the United States average of $49,041, Third Lake is 41.3% larger. Also, compared with the state of Illinois, median earnings per worker of $52,292, Third Lake is 32.5% larger.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $116,563 which is the second most of all the places in the metro area. The city with the highest median household income in the area is Grandwood Park CDP which shows a median income of $117,989 ( only slightly larger). Comparing median household income to the United States average of $62,843, Third Lake is about twice as large. Also, measured against the state of Illinois, median household income of $65,886, Third Lake is 76.9% larger.

The next section examines a variety of different income statistics for the Third Lake metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings between $15,000 and $19,999 at 18.9% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 39.9 which is the largest of all places in the greater Third Lake region. Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $33.39 which is in the mid range of other places in the metro area. The city with the highest average hourly earnings in the area is Grandwood Park CDP which depicts an average hourly earnings of $35.97 (7.7% larger). Comparing average hourly earnings to the United States average of $24.31, Third Lake is 37.4% larger. Also, compared with the state of Illinois, average hourly earnings of $26.05, Third Lake is 28.2% larger.

Figure 7 examines the number of self employed people in the Third Lake metro area based on the number of people who reported any self employment income. Third Lake depicts it has a Self Employed of 8.3% which is the second smallest as measured by percentage of people self employed of all the other places in the area. The city with the highest percentage of people self employed in the area is Bristol which shows a percentage self employed of 17.7% (about twice as large).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $111,875 of the total and is ranked #2. The only larger city being Lindenhurst with $116,786. Second, it has one of the largest proportions of median income-25 to 44 years at $139,792 of the total and is ranked #2. The only larger city being Grandwood Park CDP with $142,838. Third, it has the largest proportion of median income-45 to 64 years at $91,827 of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 23.0% which is the second most of all the places in the local area. The city with the highest households with retirement income in the area is Bristol which shows a households with retirement income of 30.2% (30.9% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $138,750 of the total and is ranked #2. The only larger city being Grandwood Park CDP with $141,875. Second, it has the second smallest as measured by overall family income of all the other places in the greater region as measured by hawaiian family income at $66,563 of the total.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Third Lake depicts it has the hightest cost of 123.4 for the cost of housing grouping.

Third Lake Illinois Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It depicts that from February 2010 to before the disasterous Coronavirus Pandemic the monthly unemployment rate went from 9.6% to 2.5% in February 2020. This represents a decrease in the monthly unemployment rate of 74.0%. Since that time, the monthly unemployment rate has gone to 4.8% This represents an increase in the monthly unemployment rate of 92.0%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It depicts that from February 2010 to before the disasterous COVID Pandemic the monthly labor force participation went from 16,916 to 16,925 in February 2020. This represents an increase in the monthly labor force participation of very little. Since that time, the monthly labor force participation has gone to 17,448 This represents an increase in the monthly labor force participation of 3.1%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Third Lake shows it has a Unemployment Rate of 0.9% which is the smallest when sorted by unemployment rate of all the other places in the surrounding region. The city with the highest unemployment rate in the area is Gages Lake CDP which depicts a rate of 5.2% ( quite a bit bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Third Lake depicts it has a Labor Force Participation of 69.8% which is the second smallest as measured by participation rate of all the other places in the area.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). Third Lake has the smallest proportion of employed at 0.9% of the total.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Third Lake depicts full time employees approximately 4.9 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Third Lake area. Third Lake shows it has a Single Earner Families of 29.7% which is the second most families with a single earner of all the places in the greater Third Lake region. The city with the highest families with a single earner in the area is Grandwood Park CDP which depicts a single earners rate of 32.6% (10.0% larger). The percentage of families with no one working is depicted in Figure 22. Third Lake depicts it has a Families with No One Working of 10.2% which is the third most of all other places in the area. The city with the highest families with no one working in the area is Bristol which shows a families with no worker of 23.4% (approximately 2.3 times bigger).

Third Lake Illinois Poverty Charts

The next section details economy analysis about poverty for residents of the Third Lake community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Third Lake shows it has a Total In Poverty of 45 which is the smallest when ranked by total people earning less than the poverty level of all the other places in the local area. The city with the highest total people earning less than the poverty level in the area is Grayslake which depicts a total people earning less than the poverty level of 1,735 ( very much bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Third Lake shows it has a Percent of Population In Poverty of 4.2% which is the second most percent of people earning less than the poverty level of all the places in the greater Third Lake region. The city with the highest percent of people earning less than the poverty level in the area is Grayslake which shows a percent of people in poverty of 8.4% (about twice as large).

In Figure 25 people who are in poverty are broken out by age group. Third Lake has the percentage of person in poverty 12 to 17 years the second smallest when sorted by person in poverty under 12 years of all the other places in the local area at 18% of the total. Second, it has the second smallest when ranked by person in poverty under 12 years of all the other places in the local area as measured by person in poverty 18 to 34 years at 9% of the total. Third, it has the largest proportion of person in poverty 55 to 64 years at 49% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Third Lake has the largest proportion of has some college and in poverty at 5% of the total and is ranked #1. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Third Lake has the largest proportion of people who are in poverty and unemployed at 22.2% of the total and is ranked #1. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Third Lake depicts it has a Public Assistance Percent of 2.0% which is the smallest when ranked by households with public assistance of all the other places in the greater region. The city with the highest households with public assistance in the area is Gages Lake CDP which shows a households with public assistance of 8.5% (approximately 4.4 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Third Lake shows it has a Gini Index of 34.8% which is less than most other places in the greater region.

Third Lake Illinois Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Third Lake community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Third Lake has the largest proportion of people who bicycle or walk to work at 9% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Third Lake or elsewhere.) Third Lake has the largest proportion of people who carpooled at 8% of the total and is ranked #1. Second, it has the largest proportion of people who bike at 0% of the total and is ranked #1. Third, it has the largest proportion of people who work from home at 9% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Third Lake has the largest proportion of people who leave for work between 7am to 730am at 21% of the total and is ranked #1. Second, it has the largest proportion of people who leave for work between 730 am to 8am at 15% of the total and is ranked #1. Third, it has the smallest proportion of people who leave for work between 830 am to 9am at 3% of the total. Also, it has the smallest proportion of people who leave for work between 9am to 10am at 1% of the total. In addition, it has the smallest proportion of people who leave for work between 11am to 12noon at 3% of the total.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Third Lake has the percentage of people with commute time of less than 5 minutesutes less than most other places in the local area at 3% of the total. Second, it has the largest proportion of people with commute time between 5 to 9 minutes at 12% of the total and is ranked #1. Third, it has the smallest proportion of people with commute time between 10 to 14 minutes at 9% of the total. Also, it has the largest proportion of people with commute time between 20 to 24 minutes at 10% of the total and is ranked #1. In addition, it has the smallest proportion of people with commute time between 25 to 29 minutes at 10% of the total. Furthermore, it has the smallest proportion of people with commute time between 35 to 39 minutes at 3% of the total. Next it has the largest proportion of people with commute time between 40 to 44 minutes at 17% of the total and is ranked #1. Additionally, it has the largest proportion of people with commute time between 45 to 59 minutes at 14% of the total and is ranked #1.

The average commute time is shown in Figure 37. Third Lake depicts it has a Avg Commute Time of 33 which is the third most of all other places in the metro area. Figure 38 shows the difference between male versus female commuting time. Third Lake depicts average commute time in minutes for men about 13.6% smaller as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Third Lake has the smallest proportion of no vehicle available at 8% of the total. Second, it has less than most other places in the local area when ranked by 1 vehicle available at 46% of the total. Third, it has the largest proportion of 3 vehicles available at 19% of the total and is ranked #1. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Third Lake depicts it has a Work in city or place where live of 12% which is the third most people who both work and live in the same city of all other places in the greater Third Lake region. The city with the highest people who both work and live in the same city in the area is Grayslake which depicts a people who both work and live in the same city of 21% (76.1% larger). Comparing people who both work and live in the same city to the United States average of 42%, Third Lake is approximately a third the size. Also, versus the state of Illinois, people who both work and live in the same city of 38%, Third Lake is approximately a third the size.

Third Lake Illinois Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Third Lake depicts it has the hightest median earnings of $93,750 for the management, business, and financial occupations classification. Similarly, Figure 47 shows the median earnings of women for the job categories and Third Lake shows it has the hightest median earnings of $107,250 for the management, business, and financial occupations classification. The table in Figure 48, shows Third Lake employment data in terms of job categories and salary data.

Third Lake Illinois Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Third Lake shows it has the hightest entrepreneurs of 52% for the self employed in sales and office related businesses group.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Third Lake depicts it has the hightest entrepreneurs of 32% for the self employed in finance, insurance, real estate, rental and leasing category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Third Lake depicts it has a Self Employment Income of $25,615 which is in the mid range of other places in the metropolitan area. The city with the highest average annual self employment income in the area is Grayslake which indicates an average annual self employment income of $44,584 (74.1% larger). Comparing average annual self employment income to the United States average of $39,154, Third Lake is approximately three-fourths the size. Also, versus the state of Illinois, average annual self employment income of $38,734, Third Lake is approximately three-fourths the size.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Third Lake depicts total number of self-employed men approximately 2.2 times bigger as the total number of self-employed women.