Average HOA Cost in Portland Real Estate – 2020 Report
The average HOA or home owners association fee amount in the city of Portland isn’t easy to obtain. Sure, we have access to all the sold data as real estate agents, but HOAs are wildly different from one another. Some HOAs have no fees, they simply exists to enforce certain building standards or conditions of the homes in their area. Some HOAs cover very little, like a once a year $50 fee to maintain a community sign. Other HOAs cover all or most utilities, exterior maintenance, internet, pools, club houses, private parks, and much more. So it is tough to get an average cost, but it can be done.
HOA Cost Formula Criteria
In order to give the public an idea of what an average HOA amount would be I want to only work with serious HOAs. A serious HOA in my book is one that overs exterior maintenance. This means the HOA cost, typically a monthly fee, covers the roof and the siding of the building or high rise you are in. Whenever a HOA is significant enough to cover exterior maintenance they are also likely providing general structure insurance and covering most utilities for the owners as well.
Portland HOA Cost Averages
In the last twelve months (6/18/2019-6/18/2020) 287 Portland condos sold that covered exterior maintenance. The average size of these condos was 1,181 sq. ft. The average monthly HOA cost was $384. Typically the HOA charges by the sq. ft., where their larger units are charged more than their smaller ones. So the HOA average above equals 33 cents a month per sq. ft.
Average HOA Cost Examples
Using the above HOA criteria:
- 500 sq. ft. condo = $165 month
- 750 sq. ft. condo = $248 month
- 1,000 sq. ft. condo = $330 month
- 1,181 sq. ft. condo = $384 month
- 1,500 sq. ft. condo = $495 month
- 2,000 sq. ft. condo = $660 month
HOA Considerations when Buying
The above is representative of all Portland HOAs that were significant enough to cover the roof and siding (all or most of the exterior) of the home, townhome, or condo with the HOA fee. Some of these HOAs will also include pools, parks, internet, concierge desks, clubhouses, and all sorts of additional items that could make the HOA higher than the city’s average – but still worth the fee to the right Portland home buyer. Location can also come into play as HOA fees are higher in highly desirable, but costly, areas like downtown Portland. Are contractors going to charge more to work on the exterior of a high rise tower in downtown Portland than they are on a low rise complex in a less congested area? Of course the prices will be higher. Expect to pay higher than average HOA fees downtown.
As always when buying a home or condo with an HOA, make sure your offer is contingent on reviewing the HOA bylaws, meeting minutes, financial statements and more, so you’ll know what to expect. HOA fees have a way of going up and not down over time. This could either be due to normal inflation, which is fine because what is covered would also cost you more if you had to pay for it out of pocket, or it could be due to mismanagement of the HOA and now they have to jack up prices to cover major repairs / replacements they should have been saving up for already.
Work with an HOA pro.
Our team has hundreds of homes sales with an HOA under its collective belt. We know what to look for and how to best advise our clients. Reach out to our top 1% real estate agent team today.June 19, 2020