According to the United States Census Bureau, the Cheat Lake CDP has a total area of 15.8 square miles (40.9 km²), of which, 14.4 square miles (37.4 km²) of it is land and 1.4 square miles (3.5 km²) of it (8.67%) is water.
Cheat Lake is typically viewed as an affluent suburb of nearby Morgantown, West Virginia. In fact, in terms of per capita income, it ranks as fourth highest in West Virginia. Strangely, addresses of most of those who live in Cheat Lake do not say "Cheat Lake;" rather Morgantown or Masontown, West Virginia, to the east, are usually listed as the resident's city.
There were 2,511 households out of which 35.4% had children under the age of 18 living with them, 63.8% were married couples living together, 6.6% had a female householder with no husband present, and 27.4% were non-families. 23.3% of all households were made up of individuals and 5.9% had someone living alone who was 65 years of age or older. The average household size was 2.55 and the average family size was 3.03.
The age distribution of the community is 25.8% under the age of 18, 7.3% from 18 to 24, 30.1% from 25 to 44, 27.7% from 45 to 64, and 9.1% who were 65 years of age or older. The median age was 38 years. For every 100 females there were 98.0 males. For every 100 females age 18 and over, there were 96.3 males.
The median income for a household in the community was $48,594, and the median income for a family was $58,778. Males had a median income of $48,661 versus $28,920 for females. The per capita income for the community was $30,210. About 4.8% of families and 6.0% of the population were below the poverty line, including 6.7% of those under age 18 and 3.2% of those age 65 or over.