Most People Live within a HOA, Most Wouldn’t Recommend it
Bottom Line: Amid the ongoing debate about potential reforms to property taxation is a separate but also impactful debate about Homeowners Associations. Specifically, there’s a question about whether they should be banned altogether. That outcome appears to be unlikely with related legislation that’s yet to be filed for the upcoming state legislative session. What is out though is new research on what most people think about their HOAs. The answer often isn’t good. You can see how you fit into this mix...
In a recent report by 2-10 Home Buyers Warranty, this is what people had to say about HOAs:
- 47% of people are dissatisfied with their HOA
- 54% have had negative experiences with their HOA
- 55% of HOAs have rules the average homeowner doesn’t agree with
- 63% of homeowners in an HOA wouldn’t recommend living under one
As for the people who’re seemingly happiest in HOAs? The people running HOAs. 62% of HOA board members say they like serving on their community’s board... So, there’s that...
The top three pros of an HOA these days:
- 66% neighborhood appearance
- 47% resale value
- 41% Security and safety
The top three cons of an HOA these days:
- 52% High fees
- 50% Rules and covenants
- 39% poor management
The report tells a pretty specific story of how people feel about their current living situation. This perhaps tells an even bigger story. 70% of homeowners in an HOA currently say that if they’re relocating in the future, they’d prefer to live in a community without an HOA. That probably tells the biggest story.