The area now covered by the village of Lakewood originally was divided into large farms. The owners of those large tracts of land are memorialized in local place names: Gifford, Southland, Bentley, Cowing, Winch, Stoneman, and Lowe.

The population of Lakewood has been interestingly diversified over the past decades. Families whose roots stretch back to early settlers of the village have been joined by many newcomers to the area. Among those are young families who have been attracted by the educational facilities, the recreational activities and the spacious older houses. Many of the fine old residences have been attractively renovated and are occupied with pride by a new generation. Retirees and summer visitors have added to the population in recent years also. An increased involvement in civic and educational matters and, a concern for municipal efficiency indicates the high degree of pride felt by all of the village citizens, old and new.

As Lakewood heads into its second century, it is again facing changes. It has become part of a large commercial area as many of the stores and services have moved to take advantage of the heavier traffic on Fairmount Avenue. The day of the self-sufficient and compact village center which characterized Lakewood at its 50th birthday has passed. Although the technologies of travel and communication will dictate many factors, the natural benefits and beauties of Lakewood remain the same as the day of its founding. The energies and innovative thinking of citizens and officials are already taking the lead in pointing to a strong and appealing village as it begins its second century.