Magdalena, NM is a small city located in Socorro County, with a population of 576 people according to the 2010 US Census. Local companies include Magdalena Farms, Magdalena Livestock Auction & Grocery Store, and the Greater Magdalena Chamber of Commerce. The cost of living in Magdalena, NM is relatively lower than the average US cost of living; the 2 bedroom rent is $820 compared to its US counterpart at $1,430. Additionally, there is a lower Grocery Cost Index in Magadalena at 89 versus 100 in the US. Overall, it is an affordable place to live with many local businesses offering services and products for residents.
Magdalena has an unemployment rate of 6.6%. The US average is 6.0%.
Magdalena has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 27.2%, which is lower than the US average of 33.5%.
Tax Rates for Magdalena
- The Sales Tax Rate for Magdalena is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Magdalena is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Magdalena
- The average income of a Magdalena resident is $21,195 a year. The US average is $28,555 a year.
- The Median household income of a Magdalena resident is $26,081 a year. The US average is $69,021 a year.