HOA Homes In Illinois Make Up 30% Of the Market

How many HOA homes in Illinois are there? While homes that belong in homeowners associations may seem few and far between, there are more than you think.

HOA Homes in Illinois Among Highest

A recent analysis by Today’s Homeowner of data from the Foundation of Community Association Research revealed that Illinois has one of the highest percentages of homes in HOAs. According to the data analysis, approximately 22% of homes belong to homeowners associations in the United States. In Illinois, that percentage shoots up to 30%.

Illinois has an estimated 5 million homes. Out of that number, about 1.5 million homes are a part of homeowners associations. That means 29.7% of homes in the state belong to communities managed by HOAs. This puts Illinois in sixth place among the U.S. states with the highest percentage of HOA homes.

Monthly HOA Fees in Illinois

As many homeowners already know, living in an HOA-managed home means paying fees. Monthly fees can vary depending on the location, the nature of the amenities, and other factors.

Nationally, the average monthly HOA fee is $390. The average monthly HOA fee in Illinois is $387, close to the national average. In comparison, the state with the highest monthly average HOA fee is Missouri at $469, with Arizona’s $448 coming at a close second.

Monthly fees pay for the maintenance and upkeep of common areas and insurance premiums for the association, among other things. While these fees serve an important purpose, many would-be homeowners still feel apprehensive about purchasing a home that comes with additional financial obligations. But, data shows that homes in HOA communities boast average values 4% more than non-HOA homes.

Growth Likely to Continue

Homeowners associations have grown in popularity over the last few decades. In the past 10 years alone, associations saw an estimated 13% increase in number. As previously noted, Illinois ranks sixth among the states with the highest percentage of HOA homes. The top five are as follows:

• Florida – 45%
• Colorado – 38.6%
• California – 36.8%
• Washington – 31.2%
• Arizona – 31.1%

Given the benefits of homeowners associations, it would not be surprising to see them grow further in number in the coming years.