Mar 4, 2024 - Real Estate

Virginia has among the most HOA homes in the country

Estimated number of HOAs, condominiums and cooperatives with fees, 2023
Data: Foundation for Community Association Research; Map: Alice Feng/Axios

Nearly a quarter of occupied homes in Virginia 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 on top of monthly mortgage payments — creating another barrier for prospective homebuyers struggling to buy in an increasingly pricey real estate market.

Zoom in: Virginia has the 12th highest number of HOAs in the nation, based on data from Dec. 31, 2021.

  • HOA fees cover maintenance and amenities like pools and gyms, among other things keeping the community running, Axios' Sami Sparber reports.

By the numbers: Nearly $2.4 billion in HOA assessments were collected across Virginia in 2021, per foundation data.

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.

The fine print: 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.

The intrigue: Higher monthly fees have similarly pushed up the price of renting.

  • Many local renters are being hit with "junk fees" that can include valet trash pickup, pest control, rent processing, move-ins and move-outs and similarly can push the cost of renting beyond what's affordable.

Go deeper: How much owning a single-family home really costs in the U.S.

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