The Growing Footprint of Homeowner Association Fees #realestate #homeownership

Source:  Zillow Research

The lack of affordability of homes nationwide, particularly condos, could be exacerbated nationwide by the steady increase in the share of U.S. homes that require monthly condo, mobile home, or homeowner association fees (HOA).  One in five American homeowners pays a monthly HOA, condo, or mobile home fee on top of their monthly mortgage payment with the median fee in the range of $50 to $59 per month.  Among homeowners in multi-family communities, the median HOA or condo fee is in the range of $300 to $309 per month.  New homes are much more likely than older homes to include monthly HOA fees.  Just 1 percent of those living in a single-family home built in the 1950s or earlier pay a monthly HOA fee, compared to 41 percent of single-family residence owners in homes built since 2008.

---