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The economics of living in Park City, Utah 2022

Park City, Utah, USA downtown in autumn at dusk.

Park City is one of the most desirable places to live in the country. Apart from the excellent skiing, you’ll be minutes away from a plethora of outdoor recreation, top shopping and dining options, and nightlife. You simply have everything within your reach.

On the flip side, Park City is also known for its relatively high cost of living. Continue reading to get a better idea of how much it might cost you to live here.


HOUSING

In October 2022, the median listing home price in Park City was $1.65 million. This represented a 21.1% year-over-year increase. In general, however, homes in Park City have a median value of $1.9 million, with over half of the housing stock priced at over $1 million. Meanwhile, market rent averages at $2,871.

Summit County collects about 0.40% of a house’s assessed fair market value as property tax— a rate that’s considerably lower than the rest of Utah (0.60%) and the country (1.11%). This is because homeowners in Utah receive a property tax exemption of 45% on their primary residences. But because home values in Park City are high, the median annual property tax payment in the city is $2,469. 

Mortgage rates will influence your monthly payments if you opt for financing. As of December 12, 2022, 30-year fixed loans have an interest rate of 6.66% while it’s 6.06% for 15-year fixed loans. Rates, however, fluctuate. Moreover, you may get better terms as you shop around for lenders and banks.


SALARY

Park City has a median household income of $121,701 and a per capita income of $80,032, making the city one of the highest earning places in the country. Salaries, however, are subjected to a 4.95% income tax rate on top of your federal income tax (based on your bracket). If you earn an average of $80,032 annually, the state will collect $3,895 from it.

GENERAL COST OF LIVING

According to Payscale, the cost of living in Park City costs 64% higher than the national average. Housing costs take up a huge chunk of expenses, which is a whopping 241% higher than the rest of the country.

Transportation costs in Park City are 11% higher than the national average, with gasoline costing an average of $4.85 a gallon. 67.2% commuters drive to work, while the rest take public transportation and other means of transport. Estimates show that a single Park City resident typically spends $11,443 yearly on transportation, considering car maintenance, public transit, and fuel. Interestingly, utility costs are 7% lower than the national average. Monthly energy and phone bills average at $158 and $174, respectively.


HEALTHCARE

Paying for healthcare in Park City is more affordable than in other parts of Utah and even the country. The average healthcare costs for a single adult Park City resident amount to $3,383 annually. Comparably, the average healthcare expenditure in Utah and across the nation is $3,689 and $4,266, respectively. Residents can expect to pay the following basic fees:

  • General Practitioner: $115.80
  • Dentist: $99.02
  • Optometrist: $107.25
  • Veterinarian: $56.66


Team Schlopy can help you look for Park City properties that match your unique needs and lifestyle. Contact Team Schlopy today by calling (435) 640-5660 or send an email.

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