Falls Church, Virginia, June 08, 2021 (GLOBE NEWSWIRE) -- As the U.S. economy recovers from the COVID-19 pandemic, the housing market remains strong, with the demand for homes far surpassing the inventory in many regions of the country. According to Community Associations Institute (CAI), community associations, also known as condominiums, housing cooperatives, and homeowners associations remain preferred housing options for millions of American homebuyers.
In addition to the housing model’s popularity, the number of new condominium and homeowners associations is expected to increase by 4,500 this year, according to projections by the Foundation for Community Association Research, an affiliate organization of CAI. Representing nearly 25% of the housing stock in the U.S., community associations are home to more than 73 million Americans. The 2021 projections reflect a 1.3% increase in new communities.
In the 2020 Homeowner Satisfaction Survey, a biennial, nationwide report conducted by Zogby Analytics that provides a better understanding of today's condominiums and homeowners associations—88% of residents said they knew the home was in a community association and 38% said that fact made them more interested in buying while 48% said the fact had no impact on their buying decision.
Since the 1970s, community associations have been a popular housing choice for people around the world—especially condominium buyers seeking close proximity to city centers, public transportation, and schools. Planned communities provide owners the benefit of shared amenities such as pools, walking trails, and other recreation facilities that may otherwise be unattainable. According to the National and State Statistical Review for Community Association Data, published by the Foundation, planned communities give local municipalities the ability to transfer the obligation to provide services—trash and recycling removal, snow removal, streetscape beautification, sidewalk and street maintenance and lighting, stormwater management, and more—to homeowners.
According to the 2020 Homeowner Satisfaction Survey, residents said the following about their community association experience:
- 89% of residents rate their overall community association experience as very good or good (70%) or neutral (19%).
- 89% say members of their elected governing board “absolutely" or “for the most part" serve the best interests of their communities.
- 74% say their community managers provide value and support to residents and their associations.
- 94% say their association's rules protect and enhance property values (71%) or have a neutral effect (23%); only 4% say the rules harm property values.
~ ~ ~
About the Foundation for Community Association Research
Our mission—with your support—is to provide research-based information for homeowners, community association board members, community managers, developers, and other stakeholders. Since the Foundation's inception in 1975, we've built a solid reputation for producing accurate, insightful, and timely information, and we continue to build on that legacy. Visit foundation.caionline.org.
About Community Associations Institute
Since 1973, Community Associations Institute (CAI) has been the leading provider of resources and information for homeowners, volunteer board leaders, professional managers, and business professionals in the more than 350,000 homeowners associations, condominiums, and housing cooperatives in the United States and millions of communities worldwide. With more than 42,000 members, CAI works in partnership with 36 legislative action committees and 63 affiliated chapters within the U.S., Canada, South Africa, and the United Arab Emirates as well as with housing leaders in several other countries, including Australia, Spain, and the United Kingdom. A global nonprofit 501(c)(6) organization, CAI is the foremost authority in community association management, governance, education, and advocacy. Our mission is to inspire professionalism, effective leadership, and responsible citizenship—ideals reflected in community associations that are preferred places to call home. Visit us at www.caionline.org, and follow us on Twitter and Facebook @CAISocial.
Attachment
