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Falls Church, VA, Aug. 01, 2019 (GLOBE NEWSWIRE) -- More than 25% of the U.S. population now lives in a community association, also known as a planned community (e.g. homeowners association, condominium community, and housing cooperative), according to the 2018-2019National and State Statistical Review for Community Association Data, published by the Foundation for Community Association Research.
The research is produced in conjunction with Community Associations Institute (CAI), the leading international authority in community association education, governance, and management. For more than 40 years, the Foundation has published the National and State Statistical Review for Community Association Data as part of the Community Association Fact Book. The report uses American Community Survey and American Housing Survey data to better align state-level community association research.
According to the new report, based on data collected in 2018, Florida continues to lead the nation with 48,250 associations, which are home to 9.5 million residents. California is the country's second largest state with 48,150 associations, followed by Texas (20,050), Illinois (18,700), North Carolina (14,000), and New York (13,875).
Additional results show the value of homes in community associations is nearly $6.28 trillion, and roughly $96 billion in assessments is collected annually from homeowners to fund essential maintenance.
The report details top reasons for the growth of community associations:
▪ The value of collective management. Americans largely have accepted the collective management structure of community association living where association boards are composed of democratically elected homeowners who voluntarily serve their communities. The research shows there are 2.5 million community association board and committee members in the U.S.
▪ Privatizing public functions. With many local municipalities facing fiscal challenges, communities often are developed with the stipulation that the builder create an association that will assume many responsibilities that traditionally belonged to local and state government (e.g., road maintenance, snow and trash removal, and stormwater management). According to the study, homeowners contributed $27.3 billion to association reserve funds for the repair, replacement, and enhancement of common property (e.g., swimming pools, elevators, and resurfacing streets).
▪ Expanding affordable housing. There has been a consistent effort to increase the percentage of homeowners in the U.S., and since the 1960s, condominiums have tended to serve as lower-cost entry housing, especially for first-time homebuyers. Condominium communities account for 38–42% of the reported total of community associations.
To view the full report, 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 347,000 homeowners associations, condominiums, and co-ops in the United States and millions of communities worldwide. With more than 41,000 members, CAI works in partnership with 36 legislative action committees and 64 affiliated chapters within the U.S., Canada, United Arab Emirates, and South Africa, as well as with housing leaders in several other countries, including Australia, Spain, Saudi Arabia, 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.
About the Foundation for Community Association Research
The Foundation for Community Association Research provides authoritative research and analysis on community association trends, issues and operations. Its mission is to inspire successful and sustainable communities. Founded in 1975, the foundation’s work supports homeowner volunteer leaders and industry professionals who share a stake in the success of common-interest communities.
Amy Repke Community Associations Institute 7039709239 firstname.lastname@example.org