Westchester County's Rising HOA Fee
Homeowners’ associations (HOAs) are becoming more prevalent and costly across the United States, according to a new report by Realtor.com. In 2024, 40.5% of listings for sale included HOA fees, up from 39.2% the previous year. The median monthly HOA fee increased from $110 to $125. Key Findings:
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40.5% of listings for sale in 2024 had a HOA fee, up from 39.2% in 2023.
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69.9% of newly built homes in 2024 had HOA obligations
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38.2% of existing homes had HOA obligations.
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Condo HOA fees are significantly higher, with a median of $375 per month, compared to $58 for single-family homes.
Ralph’s Take
HOA fees can significantly impact housing affordability. Buyers should factor in these dues when calculating their potential monthly housing expenses. Additionally, understanding the services covered by HOA fees and the rules enforced by the association is crucial, as they can vary widely.
I reviewed HOA costs in Westchester County and found that they increased by an average of 5.8% and a median of 4.9% between 2023 and 2024.
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