Total monthly cost of ownership
Cost to Own a Home in Silver Summit, Utah
A $2,000,000 home here costs
$12,992per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $10,282. The real number is $2,710 higher every month — 26% more than the payment most buyers budget for.
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 | $2,000,001 | $1,000,400 |
| Median property tax | $6,700 | $3,469 |
| Effective tax rate | 0.335% | 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 $117 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
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 $12,992 per month with 20% down at 6.66%. That is $10,282 principal and interest, $558 property tax, $300 homeowners insurance, $185 utilities and $1,667 set aside for maintenance.
What is the property tax rate in Silver Summit?
Silver Summit has an effective property tax rate of 0.335%, based on a median home value of $2,000,001 and median real estate taxes of $6,700. That is lower than the Summit County average of 0.347%.
What is the average home price in Silver Summit?
The median owner-occupied home value in Silver Summit, Utah is $2,000,001, 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 $12,992 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.