Our world is often defined by numbers. How much of this. How many of that. Interestingly enough, there are quite a few numbers associated with Common Interest Developments. As we come close to closing out 2017, here are some of them from this past year:
$85 Billion. Assessments collected from owners within CIDs. Assessments are the lifeblood of every HOA and generate the funds necessary to pay for the association’s obligations such as professional management services, utilities, insurance, common area maintenance, landscaping, capital improvement projects and clubhouses, pools or other amenities.
$5.28 Trillion. With a T! Value of homes located in CIDs.
21.1%. Percentage of the U.S. Population living in CIDs.
$1.76 Billion. Estimated value of time donated by homeowner board members and committee members based on the Bureau of Labor Statistics estimate of $22.55 per hour for volunteer time.
80 Million. Hours of service performed and selflessly donated annually by association board and committee members.
2.4 Million. Community association board and committee members.
$23 Billion. Assessment dollars contributed to CID reserves for repair, replacement and enhancement of common property. This includes items such as repairing roofs, resurfacing streets, repairing swimming pools and elevators and generally maintaining those items that have a useful life of between 1 and 30 years.
50 – 55 Thousand. Community association managers including onsite managers and those who provide part time support to a number of communities.
6 – 9 Thousand. Large scale communities. A large scale community meets at least two of the following three characteristics: (1) a single, contiguous community with a general manager, (2) a minimum of 1,000 lots/homes/units, and (3) a minimum annual budget of at least $2 million.
30 – 40%. Percentage of CIDs that are self managed. These CIDs sometimes use professional assistance for specific projects, but do not employ a professional manager or management company.
7 – 8 Thousand. Community association management companies.
100 Thousand. Individuals employed by management companies.
With numbers like those above, it is no wonder that CIDs touch so many parts of our lives. We may live in an HOA, know someone who lives in an HOA or work with HOAs. Given the sheer number of HOAs out there, we might not even know it!