Nag-Aso Lake in Manito, Albay, Philippines, is a geothermal feature locally known for its steaming waters, yet the socio-economic realities of nearby communities remain poorly documented. This study examined the demographic and economic characteristics of households surrounding the lake, comparing resource user and non-user groups to guide sustainable resource management. A descriptive-comparative mixed-methods approach was employed, combining a census of 443 households, structured surveys, key informant interviews, and focus group discussions. Of these households, 307 provided complete income data for analysis. Results revealed that households consisted, on average, of four members, with a balanced gender ratio and primarily basic levels of educational attainment. Employment was concentrated in resource-based and semi-skilled work, particularly fishing, farming, and construction. Water-resource users experienced higher unemployment and greater reliance on informal activities, while fishers and coconut users showed relatively greater job stability. Although income and per capita earnings did not differ significantly between groups, most households reported food vulnerability and income insecurity. Housing ownership was common, yet over one-fourth relied on light or makeshift materials, heightening exposure to environmental risks. These findings underscore the economic vulnerability of geothermal communities despite their dependence on natural resources. Policies promoting livelihood diversification, education access, and sustainable resource management are vital to enhance resilience and ensure long-term socio-economic stability. This study provides the first empirical documentation of a geothermal lake community’s socio-economic profile in the Philippines, providing essential insights for policy formulation and resource governance.