Homeowners Associations Trends and Statistics
The Rise in Homeowner Associations
With over 8,000 new community associations being formed yearly, this industry is estimated to be worth $35 Billion a year in operating revenue.
From the 1960s on, homeowner associations have seen rapid growth as a scarcity of land in suburban development creates escalating land costs and a high density of homes where services provided by the associations took place of what municipal agencies use to do. The US Clean Water Act of 1977 also contributed to this trend as all new real estate development had to detain storm water to adjoining properties.
The amount of total residents operating under HOA governance is over $60 million. As of 2010, over 300,000 association governed communities exist. These communities account for over 50% planned communities, 40% condominiums, and the rest as cooperatives. The total estimated real value of the homes that are apart of these associations is $2 Trillion which accounts for 15% of the total value of al US real estate.
90% of home owners that are a part of an association find themselves on friendly terms with the board. 78% of owners also believe the rules and regulations set forth by the association enhance their property value. There are a total of 310,000 community association meetings that occur yearly with over 1 million total meets held for committees.
Overall, there are 2.5 million board meetings seen with associations.
Out of the 62 million Americans that live in these communities, 1.75 million people serve the association boards with another 350,000 volunteering as committee members.
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