The number of new condominium communities and homeowners associations is expected to increase by more than 3,000 in 2024, according to projections by the Foundation for Community Association Research, an affiliate organization of Community Associations Institute.
Community associations, also known as homeowners associations, condominiums, and housing cooperatives, are home to 75.5 million Americans and represent more than 30% of the U.S. housing stock, according to the Foundation’s U.S. National and State Statistical Review for Community Association Data. The Foundation estimates the number of U.S. community associations will grow from 365,000 to as many as 370,000.
While experts predict an improvement in mortgage markets and builder outlook for the U.S. in 2024, the number of new communities and existing home sales will still be subject to a series of domestic and international issues. Despite some volatility, the community association housing market should remain a top choice for buyers seeking to purchase a home.
While optimistic about the continued growth of community associations, CAI is also closely monitoring the dramatic increase in U.S. home prices and mortgage rates that have cooled the housing market. The demand for housing continues to outpace the number of sellers in many states, including Florida and Texas, where higher mortgage rates impact housing affordability. Another real concern is how ongoing labor and supply chain issues continue to impact homebuilders. Since the 1970s, community associations have been a popular housing choice for people around the world—especially for buyers seeking proximity to city centers, public transportation, and schools. Planned communities also give local municipalities the opportunity to transfer the obligation to provide basic services such as trash and recycling pickup, snow removal, sidewalk and street maintenance and lighting, stormwater management, and more to homeowners.
The 2022 Homeowner Satisfaction Survey, a biennial, nationwide report conducted by Zogby Analytics on behalf of the Foundation, provides a valuable snapshot of how homeowners feel about condominium and homeowners associations. Some highlights include:
- 89% rate their overall experience as very good (38%), good (28%), or neutral (23%).
- 87% say members of their elected governing board serve the best interests of their community.
- 76% say their community manager provides value and support to residents and their association.
- 89% say their association’s rules protect and enhance property values.
>> For more community association statistics, visit the Community Association Fact Book.