Magnetic Springs, OH is a small village located in Union County with numerous attractions for its residents. The local economy is driven by various businesses including a pharmacy, general store, restaurant, and hardware store that cater to daily needs. The cost of living in Magnetic Springs is relatively low compared to other cities due to its average two-bedroom rent being just $970 per month which is significantly lower than the US average of $1,430. Additionally, the grocery cost index in Magnetic Springs is 95 versus 100 in the US making it an affordable place to live.
Magnetic Springs has an unemployment rate of 3.4%. The US average is 6.0%.
Magnetic Springs has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 34.7%, which is higher than the US average of 33.5%.
Tax Rates for Magnetic Springs
- The Sales Tax Rate for Magnetic Springs is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Magnetic Springs is 3.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Magnetic Springs
- The average income of a Magnetic Springs resident is $16,477 a year. The US average is $28,555 a year.
- The Median household income of a Magnetic Springs resident is $56,667 a year. The US average is $69,021 a year.