In 2024, a U.S. Census Bureau survey revealed that a significant portion of U.S. homeowners were subject to either condominium or homeowners association (HOA) fees, with some facing steep monthly charges. The trend of employing HOAs in newly built communities has become prevalent, affecting home affordability as these fees continue to rise. The survey also highlighted the wide variation in fees across states, with some households paying over $500 per month.
Becoming a first-time homeowner brings excitement, but it's crucial to plan financially, especially for condo or townhouse owners, as they have additional monetary responsibilities compared to traditional homeowners. From unexpected repairs to monthly costs, understanding the financial implications of owning a condominium is essential. Condo ownership entails more than just the purchase price; additional costs like home insurance, property taxes, and HOA fees need to be factored into your monthly budget.
