The number of new condominium communities and homeowners associations is expected to increase by more than 3,000 in 2024, according to projections published 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, represent more than 30% of the U.S. housing stock, according to the foundation’s data, with 75.5 million Americans residing in these domiciles. The foundation estimated the number of U.S. community associations will grow from 365,000 to as many as 370,000.
“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, 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.”
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