Business Week Names Summit Park Utah’s “Most Expensive Suburb”
…and they were serious.
The nationally respected publication Business Week joined real estate research group OnBoard last month to develop a list of the nation’s most expensive suburbs. Using a formula based on cost of living, mortgage and utility payments, median home prices and property taxes, researchers compiled the most enviable neighborhoods in each state, topped by Atherton, California with an average home value of $3.8 million. The list showcased at least a dozen other million-dollar communities, including Pleasant Valley, Arizona; Darien Connecticut and Scarsdale, New York.
But some states’ outcomes seemed a little fishy — including the selection of Summit Park as Utah’s high point in luxury real estate. Described as “a small town in the foothills of the Wasatch Mountains,” the posting touts the “Census-designated” suburb’s proximity to Jeremy Ranch and its popularity with outdoor enthusiasts. But with an average home price of $443,750, Summit Park hardly ranks even among Park City’s glitziest ‘hoods.
The zip code 84060 alone boasts an averge home price of $1.83 million, according to real estate research site, Trulia. Homes in zip codes 84061 and 84098 averaged $1.5 and $1.1 million, respectively.
Other odd selections on BW’s list included “tiny, rural community” of Broadview, Montana — where homes averaged just $107,800 — and Papillion, Nebraska, where the average is $155,000. Cost of living in both towns is less than 50 percent the U.S. average. Tough keeping up with the Joneses in those luxe suburbs.
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i guess they are looking at Summit Park as a suburb of salt lake, not park city. of course there are many more “glitzy hoods” in this area… but the nice thing about Summit park is that it’s out in the woods… and still affordable. and quiet