HOMEOWNERS in New York are being forced to pay $739 a month to condo and home associations, new data has revealed.
According to the United States Census Bureau, roughly three million households in the US paid more than $500 a month to these groups last year.
Data shows that New York residents paid the most in median HOA costs in 2024[/caption]
Homeowner associations (HOAs) are nonprofit oraganizations that manage housing in gated communities.
A HOA collects fees to manage common areas and other amenities, while condo associations deal more with shared service and structural costs.
Data shows that New York residents paid the most in median HOA costs in 2024.
Jacob Fabina, a Census Bureau economist, explained in a press release that this directly impacted house affordability for millions of Americans.
Fabina stressed that it was homeowners who were feeling the cost pressure.
He said: “In 2024, the median percentage of income householders with a mortgage spent on these costs was 21.4%, which points to an increased burden on homeowners.”
The report found that roughly 21.6 million of America’s 86.6 million owned households paid a condo association or HOA in 2024.
Following New York in second is the District of Columbia with a median average of $505, and Hawaii is in third with $470.
Other states in the top 10 include Massachusetts, Rhode Island and California.
THE BIG PICTURE
Homeowners in 27 states paid less than the national monthly median of $135 last year.
Data shows that the state with the lowest median monthly fee in 2024 was Arkansas with $47.
While a handful of other states came in with only double digit numbers, including Alabama with $52, North Carolina with $79, West Virginia with $48 and Wyoming with $52.
The Census Bureau found that 5.6 million or 26% of homes paid less than $50 a month in fees.
A large share of homeowners in some states, including 64% in New York, paid more than $500.
Top 10 states with the highest median HOA fees in 2024
- New York – $739
- District of Columbia – $505
- Hawaii – $470
- Massachusetts – $376
- Connecticut – $351
- New Hampshire – $316
- Rhode Island – $314
- New Jersey – $300
- California – $278
- Minnesota – $3269
The distributed cost aligned with the commonly thought hot spots for retirees.
This group is typically more likely to congregate in shared condo facilities.
Some states like Arizona, Florida, and Nevada, which typically attract more retirees, paid higher HOA fees than smaller states like Maine, North Dakota and Rhode Island.
MORTGAGE DIFFERENCE
There was a notable difference paid between homeowners with and without a mortgage last year.
Households with a mortgage paid a median monthly fee of $120, while those without paid a median of $184.
In no state last year did a mortgage household pay more than those without one.
This could be for a number of reasons, including a wave of Americans downsizing or moving to communities with more amenities that need paying for.
The report found that roughly 21.6 million of America’s 86.6 million owned households paid a condo association or HOA in 2024[/caption]
