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 https://dc.urbanturf.com/articles/blog/higher_hoa_fees_in_dc_but_fewer_households_required_to_pay/12337.
Most Popular... This Week • Last 30 Days • Ever
The news anchor dropped the price for his sprawling DC home, but it still could set a... read »
There are five projects in the works around Audi Field which could bring nearly thous... read »
DC is getting close to meeting Mayor Muriel Bowser's goal of producing 36,000 new ho... read »
The storied unit along P Street is now looking for a new owner.... read »
The development pitched for the site of a Goodwill store in Arlington got the key app... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro