Massachusetts has among highest number of HOA-member properties
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Nearly one-quarter of occupied homes in Massachusetts are part of a homeowner association, per the Foundation for Community Association Research.
Why it matters: HOA dues can cost hundreds or, in some cases, thousands more on top of monthly mortgage payments — creating another barrier for prospective homebuyers in a state with some of the highest home prices.
What's happening: Massachusetts has the seventh-highest number of HOAs in the nation with more than 11,000 associations, based on data from Dec. 31, 2021.
- HOA fees cover maintenance and amenities like pools and gyms, among other things keeping the community running, writes Axios' Sami Sparber.
By the numbers: Nearly $2.4 billion in HOA assessments were collected across Massachusetts in 2021, per foundation data.
- More than 1.6 million Massachusetts residents live in HOA communities.
Zoom out: The U.S. has seen a tenfold increase in the number of HOA communities since 1980.
- Today, more than 75.5 million U.S. residents are HOA members.
- HOAs are most common in California, Florida and Texas.
Be smart: Condo buyers should pay close attention to the building's age, condition, location and finances, Clare Trapasso with Realtor.com tells Axios.
- If they're in an older building that doesn't have enough reserves to pay for major repairs, condo owners could see their monthly HOA fees increase.
- Typically condo fees don't go down, unless a special assessment — extra fees charged under unforeseen circumstances — ends or the building gets an influx of cash, Trapasso says.