HOA fees are bigger in Texas
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With roughly 23,300 housing communities in Texas, many home shoppers need to factor in homeowners association fees as part of their purchase prices.
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.
By the numbers: One-third of owner-occupied homes in Texas were part of a homeowners association as of 2021, per the latest data available from the Foundation for Community Association Research.
- Texas associations collected nearly $8 billion in assessments annually as of 2021.
Between the lines: HOA fees cover maintenance and amenities like pools and gyms, among other things, keeping the communities running.
What's next: If your dues change, the association board should report that in the community newsletter, on its website, in notices or at meetings, says Thomas M. Skiba, CEO of the Community Associations Institute.
- Typically, condo fees don't go down, unless a special assessment — extra fees charged for unforeseen circumstances — ends or the building gets an influx of cash, Clare Trapasso with Realtor.com tells Axios.