Magnet Cove, AR Profile: Facts & Data

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Magnet Cove, Arkansas - Basic Facts

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The Town of Magnet Cove had a population of 683 as of July 1, 2022. 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 elevation is 518 feet.

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 Township of Magnet, a minor civil division (MCD) of Hot Spring County.

Alternate Unofficial Names for Magnet Cove: Magnet.

Jump to... (On This Page!)
  1. Magnet Cove 2022 Demographic Data
  2. Growth Rates for Magnet Cove (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Arkansas Research Tools (Easy Tools & Current Data)
  3. Arkansas Data Comparison Tool - 2022 Demographics
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Magnet Cove, AR Data & Demographics (As of July 1, 2022)

POPULATION

Total Population 683 (100%)
Population in Households 683 (100.0%)
Population in Families 585 (85.7%)
Population in Group Quarters1 0
Population Density 324
Diversity Index2 17
 
 

INCOME

Median Household Income $75,455
Average Household Income $90,114
% of Income for Mortgage4 10%
Per Capita Income $35,306
Wealth Index5 85
 

HOUSING

Total HU (Housing Units) 267 (100%)
Owner Occupied HU 238 (89.1%)
Renter Occupied HU 17 ( 6.4%)
Vacant Housing Units 12 ( 4.5%)
Median Home Value $135,366
Average Home Value $164,496
Housing Affordability Index3 291
 

HOUSEHOLDS

Total Households 255
Average Household Size 2.68
Family Households 189
Average Family Size 3.00
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

2020-2022 2022-2027
Population -0.58% -0.18%
Households -0.52% -0.16%
Families   -0.21%
Median Household Income   1.52%
Per Capita Income   2.54%
Owner Occupied HU   -0.17%

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, 2022 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 # 245 61st
Population Density # 294 53rd
Median Household Income # 32 95th
Housing Affordability Index # 543 87th
Per Capita Income # 68 89th
Diversity Index # 541 13th

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

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