Nearly 3 million households paid over $500 a month in 2024, new ACS data revealed
Homeownership costs rose again in 2024, with almost 3 million US households now paying over $500 a month in condo or HOA fees, the latest American Community Survey (ACS) found. This year, the ACS began tracking HOA fees along with condo fees, giving a clearer view of the real cost of owning a home in the US.
Of the nation’s 86.6 million owned households, about 21.6 million reported paying either a condo or HOA fee in 2024. States like Arizona, Florida, and Nevada—popular destinations for retirees and planned communities—saw higher proportions of homeowners paying condo or HOA fees. On the other hand, states such as Maine, North Dakota, Rhode Island, South Dakota, and Wisconsin reported the smallest shares.
Earlier this year, Fairway Independent Mortgage Corporation branch manager and mortgage originator Jeremy Schachter told Mortgage Professional America he had noted a sharp cooldown in condo purchase activity in his local market of Phoenix, Arizona partly because of those fees.
“With elevated rates going on well into a fourth year, the condo market has definitely taken a hit due to the economic challenges," he said. "You have many condos on the market with high HOA fees. Combine this with interest rates, and the mortgage payment is well beyond many buyers' budgets.”
The ACS data showed that 5.6 million households paid less than $50 a month, while about 3 million paid more than $500. The national median monthly fee landed at $135. However, the burden was far heavier in certain regions. In New York, 64% of homeowners paying condo or HOA fees reported amounts exceeding $500. Similar trends were observed in the District of Columbia and Hawaii, where about half of such homeowners faced fees above the $500 mark.
A notable distinction emerged between households with and without mortgages. In 2024, those with a mortgage paid a median monthly fee of $120, while those without a mortgage paid $184.
ACS also reported that fewer Americans moved in 2024 as rising housing costs and economic pressures made it tougher to relocate or make big life changes. Monthly mortgage costs for homeowners climbed to $2,035, up from $1,960. The highest payments were seen in California ($3,001), Hawaii ($2,937), New Jersey ($2,797), Massachusetts ($2,755), and the District of Columbia ($3,181).
