Magnolia Springs, AL is a small town located in the southern part of the state. It is known for its friendly atmosphere and scenic views. The town offers affordable living costs, with two-bedroom apartments renting for $1,010 per month compared to the United States average of $1,430. In terms of groceries, the cost index in Magnolia Springs is 97 versus 100 at the national level.
The economy of Magnolia Springs is mainly driven by local businesses such as Magnolia Springs Chevron convenience store and Magnolia Springs Pharmacy drug store. Other notable businesses in the area include Sweet Home Alabama BBQ restaurant, Yates Electric Company electrician services company, and Baker's Creek Grocery grocery store. These businesses provide employment opportunities and have created a vibrant economic environment in Magnolia Springs. Economic indicators such as rent prices and grocery cost index show that life in Magnolia Springs remains affordable despite its rising popularity over the years.
Magnolia Springs has an unemployment rate of 2.9%. The US average is 6.0%.
Magnolia Springs has seen the job market increase by 3.3% over the last year. Future job growth over the next ten years is predicted to be 43.8%, which is higher than the US average of 33.5%.
Tax Rates for Magnolia Springs
- The Sales Tax Rate for Magnolia Springs is 9.0%. The US average is 7.3%.
- The Income Tax Rate for Magnolia Springs is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Magnolia Springs
- The average income of a Magnolia Springs resident is $28,969 a year. The US average is $28,555 a year.
- The Median household income of a Magnolia Springs resident is $81,786 a year. The US average is $69,021 a year.