Condos and HOAs Remain Popular With U.S. Homebuyers

As the U.S. economy recovers from the COVID-19 pandemic, the housing market remains strong, with the demand for homes far surpassing the inventory in many regions of the country. According to Community Associations Institute (CAI), community associations remain preferred housing options for millions of American homebuyers.

In addition to the housing model’s popularity, the number of new condominium and homeowners associations is expected to increase by 4,500 this year, according to projections by the Foundation for Community Association Research, an affiliate organization of CAI. Representing nearly 25% of the housing stock in the U.S., community associations are home to more than 73 million Americans. The 2021 projections reflect a 1.3% increase in new communities.

In the 2020 Homeowner Satisfaction Survey, a biennial, nationwide report conducted by Zogby Analytics that provides a better understanding of today’s condominiums and homeowners associations—88% of residents said they knew the home was in a community association and 38% said that fact made them more interested in buying while 48% said the fact has not impact on their buying decision.

The National and State Statistical Review for Community Association Data, published by the Foundation, found that planned communities give local municipalities the ability to transfer the obligation to provide services—trash and recycling removal, snow removal, streetscape beautification, sidewalk and street maintenance and lighting, stormwater management, and more—to homeowners.

According to the 2020 Homeowner Satisfaction Survey, residents said the following about their community association experience: 

• 89% of residents rate their overall community association experience as very good or good.
• 89% say members of their elected governing board “absolutely” or “for the most part” serve the best interests of their communities.
• 74% say their community managers provide value and support to residents and their associations.
• 94% say their association’s rules protect and enhance property values.

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