I have been getting my haircut here for the past 8 years and I'm not ashamed to say I only pay $8 tax included (before tip) for a basic men's haircut. Women pay $10, wash and dry is extra.
The place offers great value for your money, it's essentially a Chinese hair salon but you have a lot of Caucasian men and women that frequent this place because of the value your getting for your money. For a male why go to a barber and pay $15-$20 when you can pay half the price for the same haircut.
FYI: Ask for Wendy the owner, she always does a great job but the trick to getting a good haircut is having a good rapport with the person that is cutting your hair and communicating what you like and don't like so they know beforehand.
For years I have seen many Chinese hair salons open and close in the area but Rainbow Hair Salon has been able to survive because of the value and quality they provide.