HOA Fees Exceed $6,000 Annually for Millions of U.S. Homeowners

A growing share of U.S. homeowners continues to face rising homeowners association and condo fees, with new data highlighting the scale and impact of these costs.

According to a LendingTree report analyzing 2024 U.S. Census Bureau American Community Survey data, one in three homeowners across the 100 largest metropolitan areas pay HOA or condo fees. That equates to approximately 17.5 million people.

Among those homeowners, at least 15%, or about 2.6 million individuals, pay more than $500 per month. Annually, that amounts to $6,000 or more in additional housing costs.

LendingTree chief consumer finance analyst Matt Schulz said these expenses can significantly affect household finances. He noted that high monthly fees limit the ability to allocate funds toward other financial priorities such as emergency savings, debt repayment, or retirement.

The report also found that 21% of surveyed homeowners live in communities with an HOA. That figure rises to 34% among households earning more than $100,000 annually.

HOA fees typically cover services such as trash collection, snow removal, landscaping, and maintenance of common areas. In some communities, especially higher-end developments, fees may also include access to amenities such as fitness centers, pools, and recreational facilities.

However, costs have been increasing. According to the survey, 82% of respondents reported fee increases over the past three years. Nearly half said those increases were significant.

Geographically, New York City leads the nation in HOA costs. More than half of HOA-paying homeowners in the metro area, or 53.4%, pay at least $500 per month. Nearly 30% pay more than $1,000 monthly. Other metros with a high share of homeowners paying $500 or more include Honolulu, Miami, Cape Coral, Bridgeport, San Francisco, Boston, San Jose, Los Angeles, and North Port, Florida.

In Florida, multiple metros rank among the highest. Miami-based real estate analyst Ana Bozovic said aging buildings and updated regulations have contributed to rising costs. She pointed to requirements for structural inspections, reserve studies, and fully funded reserves following the Surfside condominium collapse.

Despite the rising costs, survey responses indicate that many homeowners view HOA fees as justified. About 70% of respondents said their fees align with the benefits they receive, and 86% consider the association’s rules reasonable. Additionally, 43% said HOAs help protect property values, and 36% described them as a necessary trade-off.

Monthly costs remain a key consideration in purchasing decisions. Real estate professionals report that buyers across income levels are increasingly sensitive to total monthly expenses, including HOA fees. Even higher-income buyers have reconsidered transactions after reviewing the full cost structure.

HOA fees can also vary widely depending on property type and scale. Larger buildings with more residents may distribute costs more efficiently, sometimes resulting in lower fees compared with smaller properties that offer fewer amenities.

In some markets, HOA fees may also include services such as heat, water, property taxes, or building insurance, further influencing overall housing costs.