Magnolia, AR is a small town located in southern Arkansas with a population of 11,577 people as of 2019. It is mainly known for its agricultural industry but also has several other companies such as Magnolia Plastics, Southern Bracing Systems, Magnolia Cottonseed Oil Mill, and Magnolia Fuel Oil Company. This small city offers an affordable cost of living with 2 bedroom rent averaging $690 per month compared to the US average of $1,430. The Grocery Cost Index in Magnolia is also lower than the national average at 90 versus 100 in the US. All these factors make it an attractive place to live and raise a family.
Magnolia has an unemployment rate of 6.2%. The US average is 6.0%.
Magnolia has seen the job market decrease by -2.1% over the last year. Future job growth over the next ten years is predicted to be 12.8%, which is lower than the US average of 33.5%.
Tax Rates for Magnolia
- The Sales Tax Rate for Magnolia is 10.4%. The US average is 7.3%.
- The Income Tax Rate for Magnolia is 6.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Magnolia
- The average income of a Magnolia resident is $25,885 a year. The US average is $37,638 a year.
- The Median household income of a Magnolia resident is $34,815 a year. The US average is $69,021 a year.