Homeowners Associations: Friend or Foe?

Homeowners Associations: Friend or Foe?

The number of homeowners who belong to a Homeowners Association has ballooned over the past 50 years, growing from 10,000 communities in the 1970’s to over 300,000 today. And according to a survey from Porch.com, it’s a love-hate relationship.

HOA households appreciate that their community association ensures clean streets, can help settle neighborly disputes and offer amenities like a neighborhood gym and pool. But many also find the rules and costs associated with an HOA to be hefty.

The survey found that the most common HOA fine was for improper landscaping and trash cans being left on the curb beyond pickup times. Fifty-two percent of homeowners say they have not had to pay a fine to their HOA but millennials, at a rate of 54 percent, said they would likely skip out on paying a fine should they get one.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.