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HOA Fees Outpace Home Prices

Homeowner Association fees (HOA) have risen across the nation, even outpacing inflation, according to a report from Trulia. The average monthly HOA in 2005 was $250, but by 2015, that number grew to $331, outpacing both national housing prices and inflation. HOA fees are primarily used to help in-the-newscover the cost of maintaining community common spaces such as pools and landscaping. This can include both multi-family homes and single-family houses in a community.

Trulia notes that the financial crisis did not do much to slow the rising HOA fees, even in the face of dropping home prices. Trulia’s data attempts to identify what kind of properties are likely to have high HOA fees.

Using data from the U.S. Census, Trulia found that HOA fee increases outpaced home prices. Between 2005 and 2015, HOA fees rose 32.4 percent, while the median home price rose only 15.1 percent. HOA fees are particularly higher in older buildings. HOA fees for homes built in 2005 or later were, on average, $90 cheaper than homes built between 1960 and 1969. Smaller homes also tend to have smaller HOA fees, and data shows that an additional bedroom could mean $30 more per month in HOA fees.

Trulia links the rising cost of HOA fees to aging homes. The average age of buildings occupied by homeowners is 5 years older than it was in 2005, 36 years compared to 41 years. As buildings got older, HOA fees rose, even throughout the recession.

Trulia looked at the largest metros to see where HOA fees differ. New York took the top spot, with average HOA fees averaging $571 per month. Nashville, Tennessee enjoys the cheapest average HOA fees, averaging $194 per month, closely followed by Las Vegas at $198 per month.

By metro, HOA fees increased the most in the Virginia Beach, Virginia area, between 2005 and 2015, jumping up 75.4 percent. Though New York may have the highest HOA fees, it saw the least change, as average HOA fees only increased 12.8 percent in that time.

Read all of what Trulia has to say here: https://www.trulia.com/blog/trends/hoa-fees/

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About CMCA ~ The Essential Credential

CAMICB is a more than 25 year old independent professional certification body responsible for developing and delivering the Certified Manager of Community Associations® (CMCA) examination. CAMICB awards and maintains the CMCA credential, recognized worldwide as a benchmark of professionalism in the field of common interest community management. The CMCA examination tests the knowledge, skills, and abilities required to perform effectively as a professional community association manager. CMCA credential holders attest to full compliance with the CMCA Standards of Professional Conduct, committing to ethical and informed execution of the duties of a professional manager. The CMCA credentialing program carries dual accreditation. The National Commission for Certifying Agencies (NCCA) accredits the CMCA program for meeting its U.S.-based standards for credentialing bodies. The ANSI National Accreditation Board (ANAB) accredits the CMCA program for meeting the stringent requirements of the ISO/IEC 17024 Standard, the international standards for certification bodies. The program's dual accreditation represents compliance with rigorous standards for developing, delivering, and maintaining a professional credentialing program. It underscores the strength and integrity of the CMCA credential. Privacy Policy: https://www.camicb.org/privacy-policy

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