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Banks, AR Profile: Facts & Data

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Banks, Arkansas - Basic Facts

The Town of Banks had a population of 127 as of July 1, 2020. Banks ranks in the upper quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Arkansas. See peer rankings below.

The primary coordinate point for Banks is located at latitude 33.5748 and longitude -92.269 in Bradley County. The formal boundaries for the Town of Banks encompass a land area of 0.38 sq. miles and a water area of 0 sq. miles. Bradley County is in the Central time zone (GMT -6). The elevation is 207 feet.

The Town of Banks (GNIS ID: 2405207) has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

The Town of Banks is located within Township of Clay, a minor civil division (MCD) of Bradley County.


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Banks, AR Data & Demographics (As of July 1, 2020)

POPULATION

Total Population 127 (100%)
Population in Households 127 (100.0%)
Population in Families 100 (78.7%)
Population in Group Quarters1 0
Population Density 338
Diversity Index2 53
 
 

INCOME

Median Household Income $24,191
Average Household Income $37,925
% of Income for Mortgage4 0%
Per Capita Income $16,293
Wealth Index5 29
 

HOUSING

Total HU (Housing Units) 70 (100%)
Owner Occupied HU 43 (61.4%)
Renter Occupied HU 9 (12.9%)
Vacant Housing Units 18 (25.7%)
Median Home Value $71,154
Average Home Value $178,488
Housing Affordability Index3 0
 

HOUSEHOLDS

Total Households 52
Average Household Size 2.44
Family Households 32
Average Family Size 3
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

GROWTH RATE / YEAR

 2010-2020 2020-2025
Population 0.23% -0.16%
Households 0.19% 0.0%
Families 0.31% 0.0%
Median Household Income   3.32%
Per Capita Income   2.63%
Owner Occupied HU   0.0%

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Banks, AR - Peer Comparisons by Rank and Percentile

The table below compares Banks to the other 540 incorporated cities, towns and CDPs in Arkansas by rank and percentile using July 1, 2020 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 481 11th
Population Density # 322 41st
Median Household Income # 529 2nd
Housing Affordability Index # 78 14th
Per Capita Income # 502 7th
Diversity Index # 122 78th

Additional comparisons and rankings can be made with a VERY EASY TO USE Arkansas Census Data Comparison Tool.

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