Magnet Cove, AR Profile: Facts & Data

The Town of Magnet Cove had a population of 678 as of July 1, 2024. Magnet Cove ranks in the lower 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 Magnet Cove is located at latitude 34.4543 and longitude -92.8446 in Hot Spring County. The formal boundaries for the Town of Magnet Cove encompass a land area of 0.01 sq. miles and a water area of 0 sq. miles. Hot Spring County is in the Central time zone (GMT -6).

The Town of Magnet Cove has a U1 Census Class Code which indicates a census designated place with an official federally recognized name. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

The Town of Magnet Cove is located within , a minor civil division (MCD) of Hot Spring County.

Magnet Cove, AR Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	678 (100%)
Population in Households	678 (100.0%)
Population in Families	595 (87.8%)
Population in Group Quarters¹	0
Population Density	321
Diversity Index²	18


INCOME
Median Household Income	$68,240
Average Household Income	$81,862
% of Income for Mortgage⁴	13%
Per Capita Income	$30,910
Wealth Index⁵	59
Socioeconomic Status Index⁶	Moderate (54.4)

HOUSING
Total HU (Housing Units)	267 (100%)
Owner Occupied HU	210 (78.7%)
Renter Occupied HU	46 (17.2%)
Vacant Housing Units	11 ( 4.1%)
Median Home Value	$142,000
Average Home Value	$176,071
Housing Affordability Index³	196

HOUSEHOLDS
Total Households	256
Average Household Size	2.65
Family Households	187
Average Family Size	3.00

NOTES

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.
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.
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.
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).
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.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Magnet Cove, AR - Peer Comparisons by Rank and Percentile

The table below compares Magnet Cove to the other 625 incorporated cities, towns and CDPs in Arkansas by rank and percentile using July 1, 2024 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.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	-0.48%	-0.36%
Households	-0.18%	-0.16%
Families		-0.11%
Median Household Income		1.57%
Per Capita Income		1.99%
Owner Occupied HU		-0.29%

Variable Description	Rank	Percentile
Total Population	# 246	61st
Population Density	# 300	52nd
Median Household Income	# 100	84th
Housing Affordability Index	# 535	86th
Per Capita Income	# 201	68th
Diversity Index	# 537	14th

Magnet Cove, AR Profile: Facts & Data

Magnet Cove, Arkansas - Basic Facts

Magnet Cove, AR Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Magnet Cove, AR - Peer Comparisons by Rank and Percentile

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