CAI-NJ Oct. 2019(w)

More Americans Are Choosing to Live in Homeowners Associations and Condominium Communities 7/24/2019 — Falls Church, VA — ​73 million Americans currently reside in the nation’s nearly 350,000 community associations, according to new statistics by the Foundation For Community Association Research. The research is produced in conjunction with Community Associations Institute (CAI), the leading international author- ity 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 (ACS) and American Housing Survey (AHS) data to better align state-level community association research. According to the new report, based on data collect- ed in 2018, Florida continues to lead the nation with 48,250 associations, which are home to 9.5 million NATIONAL TRENDS

IMPAC Maintains the Highest Level of Management Standards in Our Profession PROPERTY MANAGEMENT • Privatizing public functions. With many local munici- palities facing fiscal challenges, communities often are 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 bil- lion in assessments is collected annually from homeowners to fund essential maintenance. The report details top reasons for the growth of commu- nity 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.

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