According to the United States Census Bureau, the village has a total area of 0.5 square miles (1.4 km²), all of it land. A small man-made lake (originally four separate lakes, some being filled in), called the Legion Lake, exists on the west side of the village. A walking trail surrounds it and a park shelter is located on the site. Artesian Park, another small park within the village boundaries, is located on the south east side of town. It, too, boasts a picnic shelter, and also a tennis court and playground equipment. A small business district of roughly 1 block in length is located in the center of town. Just north of this, the Flanagan Co-op can be found, a complex of several grain elevators at Main and Lumber Streets.
There were 447 households out of which 28.6% had children under the age of 18 living with them, 59.3% were married couples living together, 6.0% had a female householder with no husband present, and 33.3% were non-families. 30.0% of all households were made up of individuals and 17.0% had someone living alone who was 65 years of age or older. The average household size was 2.29 and the average family size was 2.86.
In the village the population was spread out with 22.5% under the age of 18, 5.7% from 18 to 24, 23.5% from 25 to 44, 21.8% from 45 to 64, and 26.5% who were 65 years of age or older. The median age was 44 years. For every 100 females there were 84.2 males. For every 100 females age 18 and over, there were 78.1 males.
The median income for a household in the village was $39,479, and the median income for a family was $49,167. Males had a median income of $30,875 versus $21,359 for females. The per capita income for the village was $19,767. About 2.6% of families and 4.9% of the population were below the poverty line, including 4.6% of those under age 18 and 9.6% of those age 65 or over.
Recent Success in Sports Flanagan has