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A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
The number of HOA governed homes is increasing in the U.S., and it is only a matter of time before you, or someone you know, considers moving into one.
Being in an HOA typically involves adhering to community rules and regulations, and paying regular dues to help maintain a neighborhood's appearance and potentially increase property values.
This means homeowners associations, commonly referred to as HOAs, set rules and regulations for roughly 32% of the population, with stricter guidelines than other tenancies.
Housing in the United States is heavily commodified, and when viewed as an economic sector, contributes to 15% of the gross domestic product. [2] The amount of public housing is capped via the Faircloth Limit , and when available can only be offered to households meeting certain eligibility requirements.
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HOAs exist mainly to keep property values high by maintaining and monitoring regular upkeep, like pest control, repairs and aesthetic updates. The way they can afford to do that is through monthly ...
African American and Hispanic mortgage holders are 1.5 to 2.5 times more likely to pay 9% or more on interest. Krivo and Kaufman calculate that the African-American/White gap in mortgage interest rates is 0.39%, which translates to a difference of $5,749 on the median home loan payment of a 30-year mortgage of a $53,882 home.