From Rules to Average HOA Fees: What to Know About Homeowners Associations
Curious about average HOA fees? In this article, we break down the costs of joining a homeowners association to help you plan better for your home purchase.
Nearly half of all homeowners in the U.S. live in a community with a homeowners association, also known as an HOA. While HOAs offer a number of benefits, they also come with fees and guidelines residents need to follow. So, you might be wondering — what are the average HOA fees?
The costs vary widely depending on location, amenities, and the type of community, so it’s important to know what to expect. If you’re in the market for a new home, chances are, you’ll consider some in a community association-governed neighborhood.
Get an Agent Who’s a Pro at HOA Rules and Fees
Don’t let HOA fees trip you up. Work with an agent who’ll break down all the details, so you can focus on finding your dream home with confidence.
“In 1973, there were 10,000 community associations across the U.S. Today, there are 350,000 across the United States. This is a rapidly growing market with 20 to 25% of Americans living in a community governed by an association of some kind,” explains Thomas Skiba, chief executive officer of Community Associations Institute (CAI).
The organization began in 1973 to provide resources to the growing condo and HOA market, including a board leader certificate course designed to train aspiring community leaders.
HOAs can be confusing, so HomeLight consulted with experts to compile this guide to explain what you should know about HOAs and help you decide if they’re the right choice for your lifestyle and budget.
