If you want to start a hot debate at your next dinner party, ask everyone their thoughts about homeowners associations (HOAs).
People generally have strong opinions about HOAs, ranging from positive (more orderly landscaping and convenience) to negative (less freedom and higher costs). For our latest report, LendingTree surveyed more than 1,000 homeowners to determine how they feel about HOAs. Here's what we found.
- 35% of those surveyed say their property is in a homeowners association. Annual dues average $291 a month — or about $3,500 a year.
- When buying their most recent home, 53% of people whose homes are in HOAs say they sought one, 31% say they didn’t think about it and 16% say they didn’t want to be part of one.
- 63% of homeowners in an HOA say they’re priced fairly for the benefits received—in fact, 57% of HOA members say it has made their lives easier.
- 35% report homeowners in an HOA say it's too expensive. Of those who feel they’re overpaying, 73% say their dues have increased in the past year.
You can check out our full report here: https://www.lendingtree.com/home/mortgage/hoa-survey/
LendingTree's Senior Economist, Jacob Channel, had this to say:
"HOAs can provide you with the peace of mind that comes with knowing that your neighbors probably aren’t going to do anything crazy, like regularly throwing all-night parties or painting their home bright pink. But HOAs aren’t for everyone, and people who aren’t particularly concerned with regularly mowing their lawn or who want to maximize their freedom to do with their home what they please should probably avoid them.”
