What an HOA fee really costs
About one in four U.S. homeowners pays a condo or homeowners association fee, and the median was $135 a month in 2024, according to the Census Bureau. Condos and newer planned communities often run several hundred dollars.
Think of it as part of the mortgage
A fee comes out of the same monthly budget as your loan payment. At a 6.5% rate, every $100 a month in fees is the payment on about $15,800 of borrowing. So a $400 fee makes a $400,000 condo cost about the same each month as a $463,000 house with no fee. Lenders see it the same way: dues count in your debt-to-income ratio.
But see what it covers
Fees often replace costs you’d have anyway. A condo fee may include the building’s insurance, roof and exterior repairs, landscaping, snow removal, water, trash and amenities. Add up what you’d pay for those on your own before deciding a fee is too high.
What to check before you buy
- Fee history: how much it has risen over five years.
- Reserves: a recent reserve study and a healthy balance. Thin reserves lead to special assessments.
- Special assessments: planned or under discussion in the meeting minutes.
- Rules: rentals, pets, parking and renovations.
The full list is in HOAs, explained.
Questions buyers ask
How much are HOA fees?
The national median was $135 a month in 2024. Single-family neighborhoods are often $50 to $200, and condos commonly run $300 to $700 or more because the fee covers the building itself.
Do HOA fees affect how much mortgage I can get?
Yes. Lenders add the monthly dues to your housing payment when figuring your debt-to-income ratio, so a fee reduces the loan you can qualify for.
Are HOA fees included in my mortgage payment?
Usually not. You pay the association directly, monthly, quarterly or yearly. Lenders still count the fee when they approve your loan.