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The Community Associations Institute trade association estimated that in 2010, HOAs governed 24.8 million American homes and 62 million residents. [7] Throughout the rest of the world, HOAs—though they do exist in some neighborhoods—are uncommon.
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.
HOAs are generally established at the time a residential neighborhood is built and sold. Sometimes older established neighborhoods form an HOA to help regulate rules and standards. In some cases, neighborhood associations exist simultaneously with HOAs, and each may not encompass identical boundaries.
In 2020, 80% of all new homes being built in South Carolina were in communities that required an HOA to help govern them, according to the Community Associations Institute (CAI), a national ...
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.
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You may recall the story of Captain Michael Clauer and his wife, May. The couple, who live in Frisco, Texas, owned their $300,000 home free and clear. But when Michael, an Army reservist, was ...
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.