As housing prices have fluctuated over the last decade, homeowners association fees have steadily increased.
According to Trulia, the average monthly HOA fee has increased to $331 per month, up from $250 in 2005. The rate has outpaced both the change in housing prices and inflation during that time frame.
Trulia found that HOA fees are higher in older buildings, bigger buildings, and in communities with 50 or more units. New York City residents pay $571 per month on HOA fees, while Long Islanders ($498), San Franciscans ($463), and Philadelphians ($449) aren’t far behind. People in Tampa, Fla., pay nearly half of their monthly housing expenses toward HOA fees.
Homeowners association fees are required monthly fees that help cover the cost of maintaining a community’s common spaces such as a gym, pool or activity room, landscaping or even utilities and cable TV. They are usually attached to homes that are a unit in a multi-family building but can include single family homes in a community too.
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