Cost of Living in Silver Summit, UT

With a cost of living index of 279, Silver Summit, UT is one of the most expensive cities in the United States. Living here is 179% more expensive than the national average and 172% above the Utah state average of 108. Silver Summit is a small community of 1,574 residents.

Housing costs are the biggest factor in Silver Summit's cost of living. The median monthly rent is $2,697 (104% above the US median of $1,319), and the median home value sits at $2,000,001 (556% above the national median of $304,900). At current prices, the median home costs roughly 8.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Silver Summit is $235,329, which is 213% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.