Trulia is reporting that homeowners association (HOA) fees have been steadily rising across the country for the past decade. Starting in 2005, they report that the average monthly HOA fee was $250 but by 2015 that number had risen to $331 – an increase of 32.4%! Interestingly, this increase exceeds inflation by 5.9%. Trulia attributes these rising fees to the ever-increasing age of properties, which require more maintenance & upkeep.
“For the uninitiated, homeowners association fees are required monthly fees that help cover the cost of maintaining a community’s common spaces such as a gym, pool or activity room, landscaping or even utilities and cable TV. They are usually, but not necessarily, attached to homes that are a unit in a multi-family building, such as a HOA or townhouse, but can included single family homes in a community too.”