HOA Fees up 30% since 2020 in Portland, Oregon
This is our fourth year calculating average HOA fees in Portland, Oregon. Last year we were surprised to report that HOA fees had jumped a whopping 20% in the city over a short two year period. It is no longer uncommon to see monthly HOA fees top $1,000 a month. These fees are not trivial and are extremely important. In Oregon, the HOA is allowed to foreclose on your property to recover missing HOA payments.
Why do HOA fees vary so widely?
Bad planning. New construction homes and condos often start with really low HOA fees to attract buyers, along with the idea that no major maintenance will come up anytime soon. Then, if the HOA fails to increase their dues to properly save for major expenses, like replacing the roof or windows, suddenly there could be a huge jump in dues for future owners to carry the responsibility for previous owners (that should have been paying more). Reserve studies should be routinely ordered so that the HOA can properly prepare for the future.
Unexpected failures. Siding, windows, decks, and other major components come with an expected life range. If they fail early and there is no accompanying warranty, suddenly the HOA must come up with the difference. This is often done through a special assessment, which is often a temporary (but multi-year long) hike in HOA dues to cover the unforeseen expense.
Amenities. Additionally, HOA fees can vary widely simply because the HOA can offer a wide range of different amenities such as insurance, exterior maintenance, landscaping, pools and gyms.
Criteria for our Average HOA Monthly Report 2023
We are only considering HOAs that cover exterior maintenance, meaning they cover the roof and siding (this doesn’t always include the windows and decks, but often does). There are many small HOAs out there that charge small annual fees simply to enforce local rules, like not allowing homeowners to paint their homes purple. These small HOAs don’t cover the properties maintenance. Most high rise buildings and dense HOA complexes cover many utilities, common areas, amenities, and major maintenance items.
We are looking at all homes, condos, and townhomes with HOAs that cover exterior maintenance and sold from 01/01/2023 to 06/28/2023. In that timeframe 597 such properties sold.
| Year | Sq. ft. Average | HOA Monthly Average | HOA Cost Sq. Ft. | Increase % from prior year | Number of sold properties |
| 2023 | 1,142 | $525.39 | .46 cents | 9% | 597 |
| 2022 | 1,174 | $483.10 | .41 cents | 10% | 913 |
| 2021 | 1,186 | $439 | .37 cents | 11% | 897 |
| 2020 | 1,181 | $384 | .33 cents |
Why are HOA fees skyrocketing?
It likely has more to do with rising material and labor costs than it does mismanagement. Since 2020 contractors, especially specialty contracting firms that work on larger complexes, have raised their labor costs and construction material costs have also risen significantly.
The good news is that the rate of increase appears to be dropping from an 11%, to 10%, and now 9% year over year increase since 2020. However, that is still higher than the rate of national inflation over the same set of years.
Examples of HOA Fees in Portland 2023
Most HOAs that cover major expenses bill each property owner differently according to their respective sq. ft. amount. So in order to compare your current HOA fee with the Portland average, you have to first consider the size of your property.
Examples based on .46 cents a month per sq. ft., the 2023 Portland HOA average.
- 500 sq. ft. property to have a monthly hoa fee of: $230
- 750 sq. ft. property to have a monthly hoa fee of: $345
- 1000 sq. ft. property to have a monthly hoa fee of: $460
- 1250 sq. ft. property to have a monthly hoa fee of: $575
- 1500 sq. ft. property to have a monthly hoa fee of: $690
- 2000 sq. ft. property to have a monthly hoa fee of: $920
- 2500 sq. ft. property to have a monthly hoa fee of: $1,150
Looking to buy a home or condo with an HOA?
We have a unique tool for you. Our home search site, Portlandhomesforsale.com allows you to search by HOA monthly amount. Just go to our Filters button and hit HOA monthly.
Our website has another unique tool called, “Best Priced Condo.” The filter adds 5 years of HOA fees and property taxes to the price tag to help a condo buyer see in a quick snapshot, which condo is truly the best deal.
Work with Local Real Estate Experts
Our team has sold hundreds of condos and properties with HOAs in the greater Portland metro area. Our top 1% sellers agents charge 4% max. (includes the buyers agent fee) and back up their service with a cancel anytime policy for no charge. Our top 1% buyers agents know how to help you get the correct HOA information (ensure their financially stable) before buying. We’re here to help and would love to connect with you today. Call our main line at 503-714-1111 or chat with the bot on this site.
