Magnolia, IA is a small town located in the northwest of Iowa. It is a great place to call home due to its affordable living costs. The average 2 bedroom rent in Magnolia is $890 per month, lower than the US average of $1,430. Additionally, the Grocery Cost Index in Magnolia is 92 versus 100 in the US, making it even more economical to live there. Magnolia is a very community-focused town with several local businesses that provide goods and services for residents. Local companies include Wilburn Floral & Gifts, K&S Bar & Grill, The Cutting Edge Hair Studio, and Prairie City Lock & Safe. No matter what your need may be, you are sure to find it within Magnolia's city limits!
Magnolia has an unemployment rate of 3.9%. The US average is 6.0%.
Magnolia has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 24.9%, which is lower than the US average of 33.5%.
Tax Rates for Magnolia
- The Sales Tax Rate for Magnolia is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Magnolia is 9.0%. 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 $27,894 a year. The US average is $28,555 a year.
- The Median household income of a Magnolia resident is $52,500 a year. The US average is $69,021 a year.