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Associating
Not all homeowners in community associations are reluctant participants. Such groups, which include those governing condos and co-ops, make decisions that affect a significant number of people -- and their biggest assets.
More than 1.7 million people serve on community association boards, with almost 400,000 more involved as committee members.
Close to four out of five housing starts since 2000 have been in association-governed communities, including condominiums converted from rental units. The value of the homes in all community associations is estimated at $4 trillion, approximately 20 percent of the value of all U.S. residential real estate.
The estimated annual operating revenue for community associations in the United States is more than $41 billion. Community and condominium association boards also maintain investment accounts of more than $35 billion for the long-term maintenance and replacement of common property, including roads, swimming pools, structures and elevators.
SOURCE: Community Associations Institute
