Homeowners associations (HOAs) have become increasingly popular over the recent decades. With well-maintained amenities and shared areas, rules that benefit property owners, a safe, welcoming neighborhood that’s perfect for raising a family, and more, there’s a lot to love about living in an HOA community.
There’s more to HOA communities than meets the eye, however. Below, we list down 10 little-known yet fascinating facts about HOA communities.
1. Of 92 percent of HOA community residents, 70 percent consider living in such communities a positive experience.
2. 90 percent of HOA community residents have a good relationship with their association’s board of directors. 88 percent are of the opinion said board endeavors to serve the community’s best interests.
3. 76 percent of such residents believe the rules and regulations of their HOA enhance and protect the value of their property. This is because HOAs usually don’t allow homeowners to make extreme aesthetic or structural modifications to their homes.
4. 22 to 24 percent of United States citizens live in HOA communities.
5. Every year sees the establishment of over 8,000 new HOA communities across the United States. In fact, there are now an estimated 344,500 communities governed by HOAs. This is an enormous rise in the number of such communities in the country, especially considering there were only around 10,000 of them in the 1970s.
6. Homes in HOA communities are often higher in value than homes in non-HOA communities. As of 2017, HOA community homes have a value of $5.88 trillion.
7. There are currently between 7,000 and 8,000 HOA management companies in the United States. They provide employment to between 95,000 and 100,000 people.
8. HOA communities boast a multitude of amenities, including parks, basketball courts, tennis courts, football fields, swimming pools, barbecue pits, walking trails, clubhouses, playgrounds, playrooms, gardens, cafes, business centers, and more. You can also expect recycling bins, cooking classes, art workshops, pet-grooming services, and the like.
9. Today, many HOA communities encourage eco-friendly solutions to common issues, such as solar panels and the use of energy-efficient appliances. They also prioritize the development of green systems, such as water irrigation that prevents the wasting of water and drastically lowers your water bill.
10. HOAs host community activities, gatherings, and festivals to give residents opportunities to form friendships with their neighbors. This strengthens the sense of community within the neighborhood.
If you’d like to know more interesting facts about HOA communities, please don’t hesitate to contact So Cal Property Enterprises, Inc. through its corporate website or give us a call at 951-270-3700. We’d be happy to hear from you!