Magnolia, NJ is a popular residential area in the state of New Jersey. The town offers a variety of activities for its residents and visitors alike. The average two bedroom rent price in Magnolia is $1,240 which is lower than the US average of $1,430. Additionally, the grocery cost index in Magnolia is 103 versus 100 for the US as whole, indicating that groceries may be slightly more expensive in this town compared to other areas of the country. Because of the affordability and convenient location near major highways and train stations, many local businesses have flocked to the area. Some notable companies include Verizon Wireless, Rite Aid Pharmacy, Home Depot and Starbucks. Overall, Magnolia is an attractive community with reasonable cost-of-living expenses perfect for those who want to be close to urban centers but still have access to an array of amenities
Magnolia has an unemployment rate of 8.0%. The US average is 6.0%.
Magnolia has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 27.8%, which is lower than the US average of 33.5%.
Tax Rates for Magnolia
- The Sales Tax Rate for Magnolia is 6.6%. The US average is 7.3%.
- The Income Tax Rate for Magnolia is 5.5%. 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 $25,423 a year. The US average is $28,555 a year.
- The Median household income of a Magnolia resident is $67,161 a year. The US average is $69,021 a year.