Home Values Increase Faster in HOAs

Recent research conducted in Northern Virginia by a professor and student at George Mason University indicates that community associations can add a 5-6 percent increase in property values over similar homes in nearby non-association communities.

Writing in Regulation magazine, the authors say that the increase in home value attributed to community associations is “especially remarkable when one considers that (HOA) residents pay twice for many local services—once in taxes and then again in HOA fees.”

The authors also pose valid questions, such as: Do community associations increase home values because they offer better-quality services than local government or because they offer services that local governments cannot offer (like more restrictive zoning) or do not offer (like greater security)?
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