According to the United States Census Bureau, the village has a total area of 1.0 square miles (2.6 km²), all of it land.
There were 172 households, out of which 26.7% had children under the age of 18 living with them, 36.0% were married couples living together, 18.0% had a female householder with no husband present, and 42.4% were non-families. 36.0% of all households were made up of individuals and 18.0% had someone living alone who was 65 years of age or older. The average household size was 2.15 and the average family size was 2.81.
In the village, the population was spread out with 23.3% under the age of 18, 6.5% from 18 to 24, 22.5% from 25 to 44, 24.4% from 45 to 64, and 23.3% who were 65 years of age or older. The median age was 43 years. For every 100 females there were 98.4 males. For every 100 females age 18 and over, there were 92.5 males.
The median income for a household in the village was $17,273, and the median income for a family was $21,667. Males had a median income of $20,357 versus $16,964 for females. The per capita income for the village was $10,459. About 23.8% of families and 22.8% of the population were below the poverty line, including 23.2% of those under age 18 and 28.4% of those age 65 or over.
Wagon Mound Public Schools is the only school in Wagon Mound, serving kindergarten through 12th grade. The population of the school has been steadily decreasing and the student population is an estimated 67 as of the beginning of the 2008-2009 school year. Wagon Mound Public Schools is working with Luna Community College in Las Vegas, New Mexico to provide students with opportunities for college credit.