Aging Buildings and Insurance Drive Up HOA Fees in Major U.S. Cities

An analysis by LendingTree of 2024 Census Bureau data from the 100 largest cities in the U.S. indicates a significant rise in HOA and condo fees, attributed to aging infrastructure, increasing insurance costs, and new state regulations requiring reserve funding. New York leads with a median monthly fee of $558, followed by Honolulu at $526, Bridgeport, Conn. at $424, Cape Coral, Fla. at $411, and Miami at $410. Across major cities, nearly one in three homeowners pays these fees, many exceeding $500. Between 2020 and 2023, New York's co-op and condo fees increased at nearly three times the inflation rate, driven by mandatory inspections and utility costs. In Honolulu, older buildings and rising insurance rates contribute to higher fees, while Bridgeport's aging co-ops have implemented fee hikes and special assessments. Florida cities, impacted by a property insurance crisis post-2021 Surfside collapse, are also seeing steep dues. In Miami, particularly in Brickell and Edgewater, some high-rise condos have fees over $1,000, with certain buildings facing multi-million-dollar assessments. Older structures are particularly vulnerable, leading sellers to lower prices to attract buyers concerned about future costs.