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Real Estate Prices & Overview

Silver Summit median real estate price is $1,581,951, which is more expensive than 99.2% of the neighborhoods in Utah and 97.7% of the neighborhoods in the U.S.

The average rental price in Silver Summit is currently $3,283, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 96.8% of the neighborhoods in Utah.

Silver Summit is a rural neighborhood (based on population density) located in Park City, Utah.

Silver Summit real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Silver Summit neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

Vacant apartments or homes are a major fact of life in Silver Summit. The current real estate vacancy rate here is 35.7%. This is higher than the rate of vacancies in 96.6% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (32.1%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Park City, the Silver Summit neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

In a nation where 1 out of every 4 children lives in poverty, the Silver Summit neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, the first thing that you'll notice if you moved to this neighborhood is that an astounding 3.7% of the households are same sex couples. According to NeighborhoodScout's analysis, this is a higher proportion of same sex households than in 99.6% of the neighborhoods in America. This is one indicator that this neighborhood is likely a gay-friendly neighborhood. So if you are looking for such a neighborhood, the Silver Summit neighborhood should definitely be on your list of places to consider.

Also, a majority of the adults in the Silver Summit neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Utah by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 99.3% of the neighborhoods in Utah. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for active retirees.

Modes of Transportation

In the Silver Summit neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 29.9% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 96.8% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.

Real Estate

Vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 35.7% of the residential real estate vacant, the Silver Summit neighborhood claims the distinction of having a higher vacancy rate than 96.6% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.

Diversity

Did you know that the Silver Summit neighborhood has more Canadian and Danish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.4% of this neighborhood's residents have Canadian ancestry and 2.3% have Danish ancestry.

Silver Summit is also pretty special linguistically. Significantly, 1.4% of its residents five years old and above primarily speak Native American languages at home. While this may seem like a small percentage, it is higher than 98.3% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Silver Summit neighborhood in Park City are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 93.9% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Silver Summit neighborhood, 67.7% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 18.5% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (7.1%), and 6.8% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Silver Summit neighborhood is English, spoken by 86.5% of households. Some people also speak Spanish (9.6%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Silver Summit neighborhood in Park City, UT, residents most commonly identify their ethnicity or ancestry as English (16.5%). There are also a number of people of Irish ancestry (10.1%), and residents who report German roots (8.9%), and some of the residents are also of Mexican ancestry (5.2%), along with some Swedish ancestry residents (3.0%), among others. In addition, 10.8% of the residents of this neighborhood were born in another country.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Silver Summit neighborhood spend between 15 and 30 minutes commuting one-way to work (39.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (58.5%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.8%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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