Total monthly cost of ownership
Cost to Own a Home in Silver Summit, Utah
A $2,000,000 home here costs
$13,620per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $583,500 a year.
A standard mortgage calculator would have told you $10,904. The real number is $2,716 higher every month, 25% more than the payment most buyers budget for.
Compare Summit County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Silver Summit from a five-year rolling sample, and with about 1,574 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Summit County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Silver Summit against Summit County and Utah
| Measure | Silver Summit | Summit County |
|---|---|---|
| Median home value | $2,000,000+ | $1,000,400 |
| Median property tax | $6,700 | $3,469 |
| Effective tax rate | 0.347% | 0.347% |
| Median gross rent | $2,697 | $1,969 |
| Population | 1,574 | 42,709 |
The weather behind that power bill
Silver Summit sits in Summit County, which averages a high of 94.0°F in its hottest month and a low of 24.2°F in its coldest, with 15.52" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 1,420 cooling and 5,154 heating degree days, which is what sets the $103 electricity line above.
See the full climate breakdown for Summit County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Summit County
Talk to someone who works this market
These are Silver Summit averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Silver Summit every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Silver Summit I already own here and may sell
Common questions
How much does it cost to own a home in Silver Summit?
A $2,000,000 home in Silver Summit, Utah costs approximately $13,620 per month with 20% down at 7.24%. That is $10,904 principal and interest, $578 property tax, $300 homeowners insurance, $171 utilities and $1,667 set aside for maintenance.
What is the property tax rate in Silver Summit?
Place-level tax data is not published for Silver Summit, so the Summit County rate of 0.347% applies here.
What is the average home price in Silver Summit?
The median owner-occupied home value in Silver Summit, Utah is above $2 million (the Census reporting cap), against $1,000,400 across Summit County.
Is it cheaper to rent or buy in Silver Summit?
Median gross rent in Silver Summit is $2,697 a month, against $13,620 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Silver Summit?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Silver Summit, Utah at today's rate takes a household income of roughly $583,500 a year. That covers the full $13,620 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Silver Summit, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Utah.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.