Magnet Cove, AR Profile: Facts & Data

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Magnet Cove, Arkansas - Basic Facts

The Town of Magnet Cove had a population of 458 as of July 1, 2020. 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 (GNIS ID: 2747298) 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.

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

POPULATION

Total Population 458 (100%)
Population in Households 458 (100.0%)
Population in Families 393 (85.8%)
Population in Group Quarters1 0
Population Density 222
Diversity Index2 11
 
 

INCOME

Median Household Income $64,033
Average Household Income $81,159
% of Income for Mortgage4 8%
Per Capita Income $31,785
Wealth Index5 90
 

HOUSING

Total HU (Housing Units) 181 (100%)
Owner Occupied HU 139 (76.8%)
Renter Occupied HU 29 (16.0%)
Vacant Housing Units 13 ( 7.2%)
Median Home Value $126,724
Average Home Value $151,978
Housing Affordability Index3 333
 

HOUSEHOLDS

Total Households 168
Average Household Size 2.73
Family Households 124
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 -0.21% -0.13%
Households -0.12% -0.12%
Families -0.97% -0.16%
Median Household Income   2.06%
Per Capita Income   2.7%
Owner Occupied HU   -0.14%

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Magnet Cove, AR - Peer Comparisons by Rank and Percentile

The table below compares Magnet Cove 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 # 310 43rd
Population Density # 396 27th
Median Household Income # 26 95th
Housing Affordability Index # 457 85th
Per Capita Income # 37 93rd
Diversity Index # 486 10th

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

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