With condos becoming a popular option for first-time home buyers, Homeowners Association (HOA) fees figure to be an important implication in the affordability of homes. Zillow Research's Aaron Terrazas takes a look at the effects of HOA fees on single and multifamily homes.
These types of fees are more commonly paid by those who live in multifamily units (75%) and typically cost more in these units as well:
Fees tend to be much higher in multifamily units than in single-family residences, in part because they tend to cover more services. The median homeowner association fee for single-family residence owners is $40 to $49 per month, and 70 percent of single-family residence homeowners pay less than $100 per month in HOA fees...
To learn more about the importance of HOA fees in regards to home affordability nationwide, head over to Zillow Research.