There are, of course, affordable color laser printers starting at about $250. Please consider spending the money to get the best color laser you can afford because color ink jet, which looks okay, just isn't good enough.
Next, as pointed out above, you will need a Photoshop that can reproduce color copies on slick paper. Use slick paper. It looks better and it feels lie a real magazine. You can even use slick paper as your cover rather than something heavier be use it's a magazine.
Total cost to create a color 28-page magazine galley should not be more than $5, preferably much less (as much as half tat cost or slightly less - chances are high it will not be less than $2 on the low end).
Get yourself a GOOD editor, someone who's willing to spend long hours going over the magazine's submissions and layout, forgoing parties, beer, night life, social activities, etc., in favor if looting out the best product he possibly can for you. PAY THAT PERSON! They will be worth their weight in gold.
You have some work to do as well. You have to study other, professional magazines to see how they are laid out. Layout is extremely important. It has to be comfortable to the reader yet fairly easy to duplicate issue after issue. You also have to ask yourself some serious business questions - are you going to do advertisements is the chief one.
Advertisements drive most modern print magazines in most genres outside of SF. That's because the advertisements pay for the cost if producing the magazine in it's entirety. If that upends, then your magazine has financial problems and you will experience difficulty keeping it's costs out of your wallet.
How much are you going to charge for this magazine? If it's free, realize that it's all going to have to come out of your pocket. Charge a rate that is not going to kill your expected readership to take out of their pocket and plunk down for, but which will let you recoup any out of pocket expenses you might incur in publishing.
Next, figure out what your initial print run is going to have to be. Start with the smallest you can reasonably expect to sell. Run with that number. If you sell out, gravy. You can run more copies next time.
That's just a few of the comments I have in regard to starting your own magazine, but my best advice is don't do it unless you can substantially subsidize it (or preferably get someone else to).
"How do you make a small fortune in publishing? Start with a large fortune..."