Older homeowners are struggling to downsize due to skyrocketing homeowners association (HOA) fees, which have surged by 42% since 2019, impacting housing affordability. Many, like Patrick Luzzi, find it challenging to afford the monthly fees associated with potential new condos, despite their desire to move to single-story homes as they age. The growing prevalence of HOAs in suburban areas makes it increasingly difficult for homeowners to avoid these additional costs, which can range from hundreds to thousands of dollars annually, further complicating their ability to transition to more suitable living arrangements.
Sky-high home prices in the New York City suburbs aren't the only obstacle: Many condos also come with daunting and non-negotiable homeowners association fees. Luzzi worries that even if he can afford to buy a new home, he won't be able to keep up with the unpredictable communal costs.
Some older homeowners who are aiming to downsize told BI that they're discouraged by the number of condos and single-family homes in their communities with high HOA fees. With elevated home prices and mortgage rates, signing up for a hefty monthly fee that's likely to grow over time seems too risky.
If you want to own a home in the US, it's becoming harder to avoid HOAs - and the growing fees they charge. The fees - which range from just a few hundred dollars to thousands of dollars a year - are designed to cover a variety of communal services and amenities.
HOA fees won't go down in the future, they'll go up.
Collection
[
|
...
]