Magnolia, KY is an affordable and great place to live. The two bedroom rent in Magnolia is only $850 which is much lower than the US average which stands at $1,430. The grocery cost index is also lower than the national average, making eating and groceries more affordable for residents. There are many local businesses in Magnolia that help contribute to the economy such as Cash & Carry Home Center, Magnolia Family Practice, and Bickett's Auto Sales. These companies offer goods and services to the local population, helping them meet their needs while keeping money within the community.
Magnolia has an unemployment rate of 4.9%. The US average is 6.0%.
Magnolia has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 31.0%, which is lower than the US average of 33.5%.
Tax Rates for Magnolia
- The Sales Tax Rate for Magnolia is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Magnolia is 5.8%. 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 $26,685 a year. The US average is $28,555 a year.
- The Median household income of a Magnolia resident is $40,114 a year. The US average is $69,021 a year.