Assuming you live in a condo building or a gated community what is a reasonable HOA/condo fee? A buddy of mine in NYC lives in a building and the fee is $1500/month. Granted that covers cable, a concierge, doorman, trash, and other "services" but it still seems crazy to me. I did some digging and found out it is not that crazy (for NY) after all!
Bay no likey!
Top 10 Housing Markets With Highest HOA Fees in 2015June 2, 2015 | By Brandon Cornett
The economists at Trulia recently ranked the top-ten housing markets with the highest HOA fees in 2015. As you might imagine, New York City had the highest fees out of the 100 largest metro areas in the country. Several California cities showed up on the list as well.
When weighing the pros and cons of renting versus buying, homeowner association (HOA) fees must be taken into account. In some places, these fees are nominal maybe $300 to $400 per year. In other, higher-priced real estate markets (like New York City and Honolulu, Hawaii), HOA fees can be high enough to turn people away from homeownership entirely. In such markets, homeowners pay hundreds of dollars per month to cover their association dues.
So, which cities currently have the highest HOA fees? Thats what the team at Trulia wanted to know. They looked at the 100 largest metropolitan areas in the U.S. and ranked them based on the median monthly association fee.
The metro areas with the highest HOA dues are shown below.
New York City $575 per month
Honolulu, HI $438 per month
Fort Myers, FL $356 per month
Riverside, CA $315 per month
Miami-Ft. Lauderdale, FL $310 per month
San Francisco, CA $300 per month
San Diego, CA $296 per month
San Jose, CA $290 per month
Boston, MA $285 per month
Los Angeles, CA $285 per month
