Virginia has among the most HOA homes in the country
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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.
- More than 2 million Virginia residents live in roughly 9,100 HOA communities across the commonwealth.
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.