HOAs Cost Homeowners $3,500 on Average: Are Those Consumers Happy?
By Kelly Leighton | Mar. 8, 2023 | 2 min. read
More than half of homeowners said the homeowners associations they belong to makes their lives easier.
Fifty-seven percent of consumers said their HOA was a benefit. According to LendingTree, despite HOAs costing $291 a month, or about $3,500 a year on average, consumers are generally happy living with a HOA. More than half (53%) of homeowners surveyed in a HOA said they wanted to have one, 31% didn’t factor it as a consideration and 16% did not want one. However, 9% of those who wanted a HOA regret their decision in retrospect. Ultimately, nearly two-thirds (63%) said they think their HOA is fairly priced, but 35% said it is overpriced. Just 2% reported it being underpriced. Close to three-quarters of respondents who said their HOA fees are too high said those fees have risen in the past year.
Where do those monthly fees go? The majority (64%) of HOA members reported neighborhood landscaping was included, 44% reported security was included and 34% said personal landscaping was included. Other benefits were sports and leisure amenities (31%) and a concierge (10%).
Despite many citing the positive attributes of a HOA, 23% of respondents said their lives were made more difficult by their HOA. Fifteen percent reported receiving a violation from their HOA, with landscaping the most common (34%), followed by design changes (23%) and fencing (23%). Additionally, 33% who reported their HOA fees were too high said their maintenance was neglected.
The percentage of Generation Z members residing in a community with a HOA rose, as did those earning $100,000 or more salaries. HOAs are less prelavant among parents with adult children and those who earn less than $50,000 annually.
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