Homeowner association fees have typically been standard in planned communities and condominium buildings throughout the country, a required monthly expense intended to help cover maintenance costs for communal areas and amenities and, occasionally, utilities and taxes.
Now, a new study by Trulia shows that HOA fees nationwide have risen sharply over the past decade, outpacing both inflation and the growth of housing prices.
Nationwide HOA fees compared with home values from 2005-2015
Nationwide, fees rose 32.4 percent between 2005 and 2015, from $250 to $331 — outpacing the rate of inflation by 5.9 percent. While HOA fees in the DC area were much more on par with the nationwide average in 2005 ($259), fees have risen by 49.4 percent over the same timeframe to reach $387 a month in 2015. Conversely, the number of households paying HOA fees in the region has decreased by 1.2 percent over the decade.
Some other interesting nationwide statistics are below:
- HOA fees tend to be $30 higher for every additional bedroom.
- HOA fees tend to be $330 higher per month for multi-family buildings with 50 or more units compared to buildings with fewer units.
- HOA fees tend to be lower the newer the property is; for example, HOA fees were $90 more expensive in homes constructed between 1960 to 1969 than those constructed 2005 and later
Trulia determined the number of households paying HOA fees and the corresponding amounts based on annual responses to the Census Bureau’s American Community Survey from 2005-2014. Weighted averages consider the age of the building when calculating HOA fees in a given metropolitan area.
This article originally published at http://dc.urbanturf.com/articles/blog/higher_hoa_fees_in_dc_but_fewer_households_required_to_pay/12337
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