Modest Growth in New Condominiums and HOAs Expected for 2022

The number of new condominium communities and homeowners associations will increase by more than 5,000 in 2022 predicts the Foundation for Community Association Research, a research affiliate of the Community Associations Institute. In its recent report, the Foundation predicts that condominiums, homeowners associations, and other community associations will make up a quarter of all housing in the United States. The 2020 Census showed that 65% of new single-family homes were built in a community with a homeowners association.

The report notes that the demand for new homes exceeds the available supply of homes in many cities in the United States. Those looking for a new home in South Carolina—especially the booming areas around Charleston, Hilton Head, and Myrtle Beach on the coast, Aiken, Columbia, and the Charlotte suburbs of Fort Mill, York, and Indian Land in the midlands, and Greenville and Spartanburg in the upstate—likely know all too well how hard it is to find an affordable new home. The Foundation predicts that condos and HOAs will continue to make up a large portion of the new housing because of the shared amenities like pools and gyms such communities can offer, their desirable locations, and the protection of property values they provide.

In 2020, South Carolina had over 7,000 community associations and more than 1.3 million people or about 25% of people in South Carolina living in community associations. While South Carolina ranks 23rd in terms of population in the United States, South Carolina ranks 16th in terms of the number of community associations.