Florida HOA Statistics
HOAs govern the majority of non-rental housing in the State of Florida, and the total number of HOA-managed housing and residents in HOA-managed communities continues to rise every year. While many Florida HOAs deliver in terms of increasing property values and maintaining a secure community, they can sometimes cause administrative, financial and legal headaches for their residents.
Here are some instructive stats:
• The average HOA home is appraised at an approximately 4% higher property value when compared to a comparable non-HOA home
• Estimated yearly collections of all fees rose 32.4% between 2005-2015
• HOAs collect $96 billion per year from homeowners
• Florida has the 2nd highest number of HOAs nationwide (after California) and the highest concentration of HOAs accounting for 67% of homeowners.
• 35% of HOAs are managed by volunteers from the community and the remaining 65% are managed by professional community management companies
Are you one of Florida’s 9.57 million residents who live in an HOA community? If so, consider whether your HOA is delivering on its promise to provide you with a better standard of living and property value compared to an equivalent non-HOA house in your area. Is there a net return on investment after fees and other costs are taken into consideration?
Remember that your rights as a homeowner in an HOA or Condo Association are carefully protected under Florida Statute in particular Chapter 720 for HOAs and Chapter 718 for Condominiums. Does your HOA or Condo association respect your homeowner’s rights and fulfill their obligations?
If you are having difficulty dealing with your HOA, Condo Association or the property management company working on behalf of an association, know that you have access to legal resources and representation.
South Florida law is a small law firm with big firm resources affording you representation by partner-level attorneys throughout the handling of your case. Reach out to us today for a free consultation either through our contact form or by calling (954) 900-8885.