One in four U.S. homeowners pay over $500 monthly for Homeowners Association (HOA) fees, with some areas seeing up to 53% of homeowners facing such costs. According to a survey by Realtor.com and Brown Harris Stevens, New York City leads the list with 53.4% of homeowners paying more than $500 per month in HOA fees, followed closely by Honolulu at 52.4%. Miami, Cape Coral, Bridgeport, San Francisco, Boston, Los Angeles, and North Port also have significant percentages of residents facing high monthly fees.
Lisa K. Lippman from Brown Harris Stevens notes that buyers are increasingly sensitive to these costs, especially in lower price point markets where every dollar counts. Despite the financial burden, 86% of homeowners find HOA rules reasonable and 70% believe their fees are justified given the benefits they receive, such as property value protection and necessary maintenance.
Experts like Frances Katzen from Douglas Elliman highlight that even high net worth individuals consider monthly costs carefully before making a purchase. The survey reveals that 43% of respondents feel HOA fees protect their property values while 36% view them as a necessary trade-off
Read the full article at Realtor.com Blog
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