Silver Summit, UT is a small town with affordable rent and low grocery costs. The two-bedroom rent here is $3,020 compared to the US at $1,430, making it an ideal place for those looking for housing on a budget. With a Grocery Cost Index of 102, Silver Summit has slightly higher groceries than the US average of 100, but still at an overall reasonable price point. Popular local companies include Silver Summit Resort which provides skiing and snowboarding opportunities, and The Store which offers quality goods from apparel to camping equipment. Overall, Silver Summit offers a relaxing atmosphere with plenty of activities and amenities to enjoy while having a cost of living that won’t break the bank.
Silver Summit has an unemployment rate of 2.8%. The US average is 6.0%.
Silver Summit has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 39.6%, which is higher than the US average of 33.5%.
Tax Rates for Silver Summit
- The Sales Tax Rate for Silver Summit is 8.5%. The US average is 7.3%.
- The Income Tax Rate for Silver Summit is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Silver Summit
- The average income of a Silver Summit resident is $55,401 a year. The US average is $28,555 a year.
- The Median household income of a Silver Summit resident is $195,750 a year. The US average is $69,021 a year.