Total monthly cost of ownership
Cost to Own a Home in Summit Park, Utah
A $1,068,000 home here costs
$7,369per 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 $316,000 a year.
A standard mortgage calculator would have told you $5,823. The real number is $1,546 higher every month, 27% more than the payment most buyers budget for.
Compare Summit County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Summit Park against Summit County and Utah
| Measure | Summit Park | Summit County |
|---|---|---|
| Median home value | $1,068,300 | $1,000,400 |
| Median property tax | $3,904 | $3,469 |
| Effective tax rate | 0.365% | 0.347% |
| Median gross rent | $2,348 | $1,969 |
| Population | 8,545 | 42,709 |
The weather behind that power bill
Summit Park 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 Summit Park 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 Summit Park every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Summit Park I already own here and may sell
Common questions
How much does it cost to own a home in Summit Park?
A $1,068,000 home in Summit Park, Utah costs approximately $7,369 per month with 20% down at 7.24%. That is $5,823 principal and interest, $325 property tax, $160 homeowners insurance, $171 utilities and $890 set aside for maintenance.
What is the property tax rate in Summit Park?
Summit Park has an effective property tax rate of 0.365%, based on a median home value of $1,068,300 and median real estate taxes of $3,904. That is higher than the Summit County average of 0.347%.
What is the average home price in Summit Park?
The median owner-occupied home value in Summit Park, Utah is $1,068,300, against $1,000,400 across Summit County.
Is it cheaper to rent or buy in Summit Park?
Median gross rent in Summit Park is $2,348 a month, against $7,369 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 Summit Park?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Summit Park, Utah at today's rate takes a household income of roughly $316,000 a year. That covers the full $7,369 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Summit Park, 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.