Summit County Real Estate and Livability Trends
Summit County, Utah's real estate market is illustrating compelling growth with median home values escalating from $497,300 in 2015 to $895,100 in 2022. This surge surpasses both national and state averages, suggesting a high demand and robust market. However, real estate taxes doubling within a decade and energy tax credits reaching about $6,425.00 in 2018 point towards sizable investment in... Read more
Summit County Market Trends
Summit County, Utah has seen a substantial increase in median home values, rising from $497,300 in 2015 to $895,100 in 2022, far outpacing both national and state medians. Meanwhile, real estate taxes have doubled in less than a decade, signaling a robust market with escalating costs. Average residential energy tax credits have fluctuated significantly, peaking at about $6,425.00 in 2018, likely... Read more
Median Value of Occupied Housing Units in Summit County, Utah Over the Last 8 Years
Summit County, Utah has seen a substantial increase in median home values over the last eight years, from $497,300 in 2015 to $895,100 in 2022. This upward trend significantly surpasses both the national median, which rose from $125,500 to $179,400 in the same period, and the state median in Utah that increased from $215,900 to $408,500. The rapid appreciation in Summit County could suggest a robust local housing market, potentially driven by high demand or limited inventory, making it an interesting spot for those looking to invest, relocate, or build property.
Residential Energy Tax Credit Per Tax Return in Summit County, UT Over the Last 9 Years
In Summit County, Utah, the average residential energy tax credit per tax return has shown notable fluctuations over the past nine years. Starting at around $1,303.64 in 2013, there was a significant spike to about $6,425.00 in 2018, indicating a substantial increase in investments in energy-efficient home improvements. This volatility can be critical for appraisers and insurance agents when assessing properties as it points to periods of increased capital investment in sustainable features. Real estate agents and potential homeowners need to be aware that such energy upgrades might result in higher property values and more favorable mortgage and insurance rates. This trend is also crucial for developers looking to market homes with energy-efficient incentives, reflecting the growing importance of sustainable living solutions in the county.
Average Real Estate Taxes Per Tax Return in Summit County, UT Over the Last 10 Years
Real estate taxes in Summit County, Utah have shown substantial growth over the last decade. Starting at $4,275.03 in 2012, the average tax per return saw incremental rises, surging significantly in recent years to $8,978.57 by 2021. This steep increase, especially noticeable from 2017 onward, might reflect rising property values or changes in tax rates, signaling a strong real estate market. Investors and property builders should consider these trends as indicative of escalating costs, while real estate agents and insurance agents might find this helpful in advising clients. Current residents and potential movers could find this trend relevant in their financial planning and long-term investment decisions.
Percentage of Farm Returns in Summit County, UT Over the Last 10 Years
Summit County, Utah has seen a gradual decline in the percentage of farm tax returns over the last 10 years, dropping from around 2.23% in 2012 to approximately 1.84% in 2021. Farm tax returns typically reflect farming income and can be a proxy for gauging agricultural activity in the area. This trend might suggest shifting economic dynamics, with a possible reduction in farming as a primary income source. For those considering investments, property development, or relocation to Summit County, understanding these changes could be important for making informed decisions about the area's economic viability and growth opportunities.
Number of Mortgages by Occupancy Type in Summit County, UT Over the Last 5 Years in Summit County
Summit County, Utah has seen fluctuating trends in the mortgage counts across different occupancy types over the last five years. Principal residences consistently lead in mortgage numbers, peaking at 6401 in 2020 and then dropping to 3035 in 2022. Investment properties and second residences, although smaller in volume, reflect interesting shifts too—investment property mortgages dropped from 731 in 2021 to 459 in 2022, while second residence mortgages saw a larger drop from 1805 in 2020 to 981 in 2022. These trends can indicate shifting market preferences and potential changes in investment strategies, impacting everyone from real estate agents and investors to appraisers and those considering moving to or building in the area.
Economic Outlook
Summit County, Utah's average taxable income per tax return has surged from $119,459.33 in 2013 to $343,485.90 in 2021, indicating a vigorous local economy. However, coupled with the increase in average state and local income taxes per return — from $12,877.47 in 2012 to $51,751.98 in 2021 — it suggests potential rises in living costs. Additionally, the average total tax liability per return climbing from $30,168.17 in 2012 to $96,538.88 in 2021 might hint at economic growth and rising... Read more
Average Taxable Income per Tax Return in Summit County, UT over the last 9 years
Summit County, Utah has seen a significant upward trend in average taxable income per tax return over the past nine years, skyrocketing from $119,459.33 in 2013 to $343,485.90 in 2021. This substantial increase suggests a robust local economy, making it an appealing destination for investors, real estate agents, and potential movers. However, it also hints at possible rising living costs, which could influence decisions for insurance agents and appraisers.
Average State and Local Income Taxes Per Tax Return in Summit County, UT Over the Last 10 Years
Over the last decade, Summit County, Utah has experienced a significant upward trajectory in average state and local income taxes per tax return, starting at $12,877.47 in 2012 and reaching $51,751.98 in 2021. This steady increase, especially noticeable in the more substantial jumps after 2018, suggests a rising economic profile and potentially higher earnings among residents. For investors, real estate agents, and those considering relocation, these trends could indicate a thriving local economy, but also point to increased tax burdens. This information might be crucial for appraisers and insurance agents who need to evaluate the fiscal landscape and property values within the county.
Average Total Tax Liability Per Tax Return in Summit County, UT Over the Last 10 Years
Summit County, Utah has seen a notable increase in average total tax liability per tax return over the last decade. From $30,168.17 in 2012 to $96,538.88 in 2021, these rising tax liabilities might suggest economic growth and an increase in property values, which could appeal to investors and real estate agents. However, this trend also implies higher costs for potential buyers and existing homeowners, which may impact affordability and necessitate careful financial planning. Understanding these dynamics is crucial for appraisers, insurance agents, and those considering building or moving to the area.
Cost of Living in Summit County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,890 | $2,055 | $1,679 | $1,494 | $2,063 |
| 1 adult 4 children | $1,890 | $1,678 | $1,282 | $1,494 | $2,174 |
| 2 adults 3 children | $1,890 | $1,679 | $1,457 | $1,494 | $1,768 |
| 1 adult 3 children | $1,890 | $1,371 | $1,061 | $1,494 | $1,900 |
| 2 adults 2 children | $1,553 | $1,374 | $1,236 | $1,301 | $1,420 |
| 1 adult 2 children | $1,553 | $1,027 | $839 | $1,301 | $1,448 |
| 2 adults 1 child | $1,553 | $1,086 | $1,015 | $674 | $1,179 |
| 1 adult 1 child | $1,553 | $702 | $618 | $674 | $1,107 |
| 2 adults | $1,180 | $873 | $793 | $0 | $900 |
| 1 adult | $1,172 | $476 | $397 | $0 | $839 |
Safety trends & Data
Summit County, Utah, has experienced varying property crime trends over the past five years. Larceny-theft peaked at 71 incidents in 2022, making it the most prevalent issue. Burglary and motor vehicle theft numbers are less consistent, with fraud incidents also showing significant annual fluctuations. Notably, vandalism cases surged in 2021 and 2022, each hitting 33 incidents. This evolving crime landscape could influence law enforcement priorities and shape risk assessments for potential... Read more
Property Crime Trends in Summit County, UT Over the Last 5 Years
Summit County, Utah, has seen fluctuations in property crimes over the last five years. Larceny-theft consistently remains the most common issue, peaking at 71 incidents in 2022, while occurrences of burglary and motor vehicle theft show smaller, less consistent numbers. Interestingly, fraud incidents seem to have a noticeable presence but vary significantly each year, contrasting sharply with the surge in vandalism cases, particularly in 2021 and 2022, each recording 33 incidents. This dynamic landscape suggests potential focus areas for law enforcement and risk assessment for potential investors or residents.
Demographics
Summit County, Utah shows a slightly higher male population compared to females. Educational attainment is notably leaning towards higher education, with a significant portion holding bachelor's degrees and more. Age distribution suggests a balanced mix across various age groups, with a slight concentration in the mid-adult range (35-64 years). The racial distribution is predominantly White, with other races making up a small fraction of the population, reflecting limited diversity. These... Read more
Race Distribution in Summit County, Utah (2022)
Educational Attainment in Summit County, Utah (2022)
Age Distribution in Summit County, Utah
Citizen Population in Summit County, Utah (2022)
Political Trends & Data
Summit County, Utah, leaned significantly towards the Democratic Party in the 2020 U.S. Presidential Election, capturing an estimated 58% of the vote. Republicans followed with roughly 39%, indicating a substantial gap. Support for minor parties like the Libertarian and Green parties was minimal, around 1-2%, highlighting their limited local appeal, possibly due to specific demographic or cultural... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Summit County, Utah, appears to lean heavily towards the Democratic Party, with an estimated 58% of the vote in the 2020 U.S. Presidential Election. Republicans garnered roughly 39%, indicating a notable gap between the two major parties. Minor parties like the Libertarian and Green parties captured minimal support, roughly around 1-2%, showcasing limited appeal in this region. This distribution might reflect specific local demographic or cultural factors influencing voter preferences.
39.30% of voters voted for the Republican party in the 2020 Presidential Election
58.44% of voters voted for the Democrat party in the 2020 Presidential Election
1.41% of voters voted for the Livertarian party in the 2020 Presidential Election
0.25% of voters voted for the Green party in the 2020 Presidential Election
0.61% of voters voted for the Other party in the 2020 Presidential Election
School Data
Summit County, Utah's student-to-teacher ratio has experienced notable fluctuations, peaking at 38 students per teacher in 2017 before decreasing to about 19 in 2019, and now stabilizing around 17. While still above the national average of 14, this trend could indicate potential challenges in individualized attention and resource allocation. Such factors might be crucial for investors, prospective residents, and real estate professionals when evaluating community growth and property... Read more
Student-to-teacher ratio in Summit County, Utah over the last 6 years
Summit County, Utah has seen significant fluctuations in its student-to-teacher ratios over the past six years. After peaking at 38 students per teacher in 2017, the ratio sharply decreased to roughly 19 in 2019, and has since stabilized around 17. These numbers are notably above the current national average of 14 students per teacher, suggesting potential challenges in individual student attention or resource allocation. Investors, prospective residents, and real estate professionals might find this trend relevant when assessing the quality of local education, which can impact property values and community growth.
