Housing experts project thousands of new communities to be developed.
Jan. 18, 2024 — Falls Church, Va. — The number of new condominium communities and homeowners associations is expected to increase by more than 3,000 in 2024, according to projections by the Foundation for Community Association Research, an affiliate organization of Community Associations Institute (CAI).
Community associations, also known as homeowners associations, condominiums, and housing cooperatives, are home to 75.5 million Americans and represent more than 30% of the U.S. housing stock, according to the Foundation’s U.S. National and State Statistical Review for Community Association Data. The Foundation estimates the number of U.S. community associations will grow from 365,000 to as many as 370,000.
While experts predict an improvement in mortgage markets and builder outlook for the U.S. in 2024, the number of new communities and existing home sales will still be subject to a series of domestic and international issues. Despite some volatility, the community association housing market should remain a top choice for buyers seeking to purchase a home.
“While we’re optimistic about the continued growth of community associations, we also are closely monitoring the dramatic increase in U.S. home prices and mortgage rates that have cooled the housing market,” says Dawn M. Bauman, CAE, executive director of the Foundation and CAI’s chief strategy officer. “The demand for housing continues to outpace the number of sellers in many states, including Florida and Texas, where higher mortgage rates impact housing affordability. Another real concern is how ongoing labor and supply chain issues continue to impact homebuilders.”
Since the 1970s, community associations have been a popular housing choice for people around the world—especially for buyers seeking proximity to city centers, public transportation, and schools. Planned communities also give local municipalities the opportunity to transfer the obligation to provide basic services such as trash and recycling pickup, snow removal, sidewalk and street maintenance and lighting, stormwater management, and more to homeowners.
The 2022 Homeowner Satisfaction Survey, a biennial, nationwide report conducted by Zogby Analytics on behalf of the Foundation, provides a valuable snapshot of how homeowners feel about condominium and homeowners associations.
Here are some highlights from the Homeowner Satisfaction Survey:
89% rate their overall experience as very good (38%), good (28%), or neutral (23%).
87% say members of their elected governing board serve the best interests of their community.
76% say their community manager provides value and support to residents and their association.
89% say their association’s rules protect and enhance property values.
Media Contact:
Blaine Tobin
Senior Media Relations Manager
btobin@caionline.org | 703-970-9235
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 365,000 homeowners associations, condominiums, and housing cooperatives in the United States and millions of communities worldwide. With more than 45,000 members, CAI works in partnership with 36 legislative action committees and 64 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 at @CAISocial.