Condos, a Key Source of Affordable Housing for Homeowners, Are in Jeopardy

Decades of increasing costs and deferred maintenance could lead to people losing their homes unless changes are made.

1 minute read

February 5, 2025, 11:00 AM PST

By Shelterforce


As aging infrastructure and soaring maintenance costs threaten the nation's condominium stock, a new Shelterforce article examines how this crucial affordable housing option is at risk. The author explains how condo ownership, a crucial affordable housing option is at risk. The analysis reveals that condo ownership — which provides a vital pathway to homeownership for first-time buyers, communities of color, and seniors — faces mounting challenges:

  • Monthly fees have increased 60 percent in some markets
  • 37 percent of condo owners are now housing cost-burdened
  • Only 12 states require associations to maintain reserve funds
  • Post-Surfside regulations are destabilizing some markets

The article explores divergent state responses, from Florida's market-disrupting reforms to New Jersey's phased approach, and outlines 11 policy solutions for preserving this affordable housing stock. Key recommendations include mandating reserve studies, providing low-interest repair loans, and implementing foreclosure protections.

Read Karen Black's full analysis in Shelterforce.

Wednesday, January 29, 2025 in Shelterforce Magazine

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