Did you know that more than 63 million people are residents of communities with a homeowners association? That means 24 percent of U.S. homes are in community associations.
Whether they’re in single-family homes or condominiums, residents of these HOA-regulated communities typically associate their style of living with positive camaraderie for the betterment of the community as a whole. Here are some of IKO Community Management’s compiled statistics and facts to prove it:
- There are almost 310,000 HOA-governed communities in the United States. (Maryland has about 6,400.) That’s a 260 percent growth since their inception in the 1970s.
- As of 2012, the estimated real estate value of homes in community associations is almost $4.5 trillion, which is approximately 30 percent of the total value of all U.S. real estate.
- 92 percent of residents “rate their community association experience as positive (70 percent) or neutral (22 percent).”
- HOA homes that “support green design would, on average, result in a lifecycle savings of 20 percent of total construction costs – more than 10 times the initial investment.”
- Professional property managers, like IKO Community Management, run about two-thirds of HOA-governed communities. Others are run by resident volunteers or elected homeowners.
- Many HOA boards encourage environmentally friendly practices, including built-in ENERGY STAR® appliances, solar panels, adequate shading over outdoor air conditioning units, and more.
- 90 percent of people say that they’re on good terms with the association’s board members.
- 76 percent of people say that their association rules and regulations “protect and enhance property values.” The most common HOA rule prevents homeowners from drastically altering the exterior appearance of their home.
- More association communities are using a water irrigation system, which helps save the environment (and between 60 to 70 percent on the water bill).
- 88 percent of residents say “their elected governing boards strive to serve the best interests of the community.”
- More than 8,000 new community associations are formed annually.
- Committee members perform almost 10 million hours of community service annually. That’s about $1.6 billion of service provided.
- From the greatest to the least, the top 10 states with the highest value of association board and committee time are Florida, California, Texas, Illinois, North Carolina, New York, Massachusetts, Georgia, Washington, and Colorado.
Most homeowners are hesitant to move into HOA-governed communities because of the monthly dues and rumors of disagreements between residents and board members. However, the practical benefits of joining an association-governed community far outweigh any risks. HOA residents have access to high-quality amenities, services, and emergency service as well as increased property values and an opportunity to grow local leadership and volunteerism.
Also, as these neighborhoods continue to grow and flourish, so do other businesses. These communities rely on local janitorial, landscaping, pest control, waste collection, and snow removal services to keep their neighborhood in tip-top shape. With all of these fantastic qualities and rave reviews about HOA communities, it might be time to consider moving.
If you’re thinking about moving into a HOA-regulated community, or you’d like to speak with us about managing your neighborhood, contact Linda at 301-924-4050.
From all of us at IKO Community Management, happy moving!