Hot Springs was home to 3,711 people, according to the 2010 Census. With a median age of 50, the population of Hot Springs has declined by 10.1 percent since the 2000 Census. In Hot Springs, there are 1,030 people per square mile.

The majority (85.4 percent) of people in Hot Springs are white. American Indians constitute 9.3 percent of the city's population and 2.1 percent are Hispanic. In 2010, 3.5 percent of the population reported belonging to more than one race.