Magnolia township, MN is a small township located in the state of Minnesota. It has a population of approximately 5,000 people and offers an array of amenities for both residents and visitors. Local businesses such as Magnolia Hardware and Grocery Store, Magnolia Area Bank, and Kiesler's Bakery provide essential goods and services to the community. The cost of living in Magnolia is relatively low with a 2 bedroom rent costing $880 compared to the US average of $1430 and grocery cost index being 96 compared to 100 on average in the United States. Overall, Magnolia township provides an affordable yet enjoyable lifestyle for those who call it home.
Magnolia township has an unemployment rate of 2.7%. The US average is 6.0%.
Magnolia township has seen the job market increase by 0.2% over the last year. Future job growth over the next ten years is predicted to be 27.3%, which is lower than the US average of 33.5%.
Tax Rates for Magnolia township
- The Sales Tax Rate for Magnolia township is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Magnolia township is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Magnolia township
- The average income of a Magnolia township resident is $35,483 a year. The US average is $28,555 a year.
- The Median household income of a Magnolia township resident is $71,106 a year. The US average is $69,021 a year.