"Many people live in the new house."

Translation: Az új házban sok ember lakik.

[SamanthaGasmire]

What is the difference between lakik and él in Hungarian? Both mean live right?

[vvsey]

"Él" - live.
"Lakik" - more specifically, reside, have a residence/home (somewhere).

[mizinamo]

él in the sense "be alive", right?

[vvsey]

Yes, but you can also use it in the English "live" sense, but in a broader sense than "lakik". What do I mean. I would say "Magyarországon élek", "Budapesten élek", but I would NOT say "a Petőfi utca 3-ban élek".
That is, you can use "él" when talking about where somebody spends his/her time in their everyday activities (where their life takes place), but use "lakik" when talking more specifically about where someone resides.

[SamanthaGasmire]

Ok köszi szépen

[joDDAb]

Could él be used in this sentence then or is lakik the only possible option?

[vvsey]

"Él" is also possible. But please see the comment I just added above, in reply to mizinamo's question.

[joDDAb]

Thank you, that is very helpful.