This was 27.9 percent higher than the state average of 47.4 percent. In 2020 the total municipality population reached 8,398.
94.2 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Fair Lakes for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 361 | 5.8 |
| Regular high school diploma | 458 | 7.4 |
| GED or alternative credential | 65 | 1 |
| Some college, less than 1 year | 152 | 2.4 |
| Some college, 1 or more years, no degree | 497 | 8 |
| Associate's degree | 526 | 8.5 |
| Bachelor's degree | 2,123 | 34.2 |
| Master's degree | 1,637 | 26.4 |
| Professional school degree | 209 | 3.4 |
| Doctorate degree | 181 | 2.9 |
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