SAN DIEGO (KGTV) - San Diegans looking to buy a condo may be getting increasingly priced out of that more affordable option.
That's because homeowner’s association fees are skyrocketing.
The mandatory fees cover amenities like pools, landscaping, tennis courts, and also maintenance of the complex.
But while the number of amenities don’t change, the fees keep going up.
A new study by Trulia says the average condo fee in San Diego is now $327 a month. That’s up 43 percent in the last ten years. In that same time period, wages in San Diego only rose 33 percent, so the increased fees are taking up a larger chunk of paychecks.
The median price for a condo in the county is now $385,000, about two-thirds the cost of a single-family home.
“You’ve got your mortgage and you’ve got your HOA plus other utilities and things like that,” said Maryana Bhak, whose HOA fee just increased from $260 to $290 a month.
State law says HOAs can raise fees up to 20 percent per year without a vote of the owners.
A Trulia spokeswoman says there are amenities to avoid to keep HOA costs lower. These include:
- fitness centers
- added security
- manicured gardens
But she says overall condo buildings are getting older - so HOAs will still need to raise fees to maintain them.