Almost 60% of recently built single-family homes and 80% of homes in new subdivisions are in HOAs, according to a study by researchers Wyatt Clarke, who works at IBM, and Matthew Freedman, an economics professor at the University of California, Irvine. The researchers found that HOAs can have a positive effect on home prices, as homes in an HOA were valued, on average, 4% higher than similar ones that did not belong to an HOA.

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