Condo Owners Are Getting Hit With One Time Special Assessments Averaging $1,450 While Single Family Homes Pay $514, As Association Insurance Costs Jumped 75%

If you own a condo, the bill that arrives each month may not be the only one to worry about. A new look at association costs shows owners are being asked for large one-time payments, and the gap between condos and single family homes is wide.

A tall white condo building with yellow balconies.

According to a piece by Jennifer Green for The Cool Down, citing The Wealth Advisor and data from Vantaca, special assessments averaged $1,450 per condo in 2025. For single family homes in managed communities, the average was $514.

For condo owners who already pay a monthly fee for the roof, hallways and shared grounds, a lump-sum charge on top can feel like a second bill. The new figures put numbers on that feeling.

Condo Assessments Rose 96% In Four Years

Vantaca, a property management software company, found that condo assessments rose 96% from 2021 to 2025. For single family home communities, the rise was 49%.

Regular assessments reached almost twice their 2021 level by 2025 for condo owners. Vantaca also found HOA fees overall rose nearly 51% over four years.

The numbers matter to a lot of people. The Wealth Advisor says HOA and condominium communities house close to 80 million Americans.

Put simply, a condo owner in 2025 was likely to pay nearly three times what a single family owner in an association paid for special assessments. That gap is the heart of the story.

Association Insurance Jumped 75%

What is driving the climb? From 2021 to 2025, association insurance costs rose 75% and utility expenses rose 63%. Maintenance, typically the largest budget item, rose a smaller 26%.

Insurance is the standout. Insurers have been leaving vulnerable markets, which has also pushed premiums higher for the associations that remain.

Vantaca CEO Ben Currin said catastrophic losses from hurricanes and wildfires are a major reason insurance costs have risen.

Together those increases show how fast the pieces of an association budget can move. Even though maintenance rose by less, it still climbed, and it remains the largest line.

Fees Can Make It Harder For Older Owners To Sell

The squeeze does not stop at the monthly bill. According to The Wealth Advisor, some markets have more homes for sale and weaker buyer demand as fees rise.

Buyers factor those obligations into affordability, which can make it harder for older condo owners to sell. Insurance and maintenance costs can rise independently of a property’s market value.

That is a tough spot for retirees living on fixed incomes. A unit may hold its price on paper while the cost of owning it keeps growing.

For owners considering a move, that can mean a longer wait, a lower offer or a decision to stay put. None of these outcomes is guaranteed, but the pressure is real in markets where fees have risen.

What A Special Assessment Actually Is

A special assessment is a one-time charge an association levies on owners, usually when it needs money beyond its regular budget. Common triggers include major repairs, insurance gaps and shortfalls in reserve funds.

Associations typically pay for big projects, like roofs and elevators, from reserves, which are savings set aside for that purpose. When the reserves are too small, the association may ask owners to cover the difference.

The details depend on your governing documents and your state’s laws, which is why it pays to read them before you need them.

Knowing this in advance helps. Many owners are surprised only because they never opened the association documents until a bill arrived.

How Owners Can Prepare For A Surprise Bill

Start by reading your association’s budget and financial statements each year. Look at how much money sits in the reserve fund and whether it matches what upcoming repairs might cost.

Ask whether a reserve study has been done recently. A reserve study is a report that estimates the life of major components and how much the association should be saving for them.

Go to board meetings, or read the minutes. Discussions of insurance renewals, big repairs and rate increases often appear there months before a bill is sent.

Set aside a cushion of your own. Many financial planners suggest budgeting for home maintenance in general, and for condo owners that can include a small fund for a possible assessment.

If you are thinking of buying, ask for the association’s financial documents before you sign. Check the insurance coverage, the reserve balance and any planned or recent special assessments, so the true monthly and annual cost is clear.

If you are thinking of selling, expect buyers to look hard at those same numbers. Keeping your own records tidy and understanding your association’s finances can help the sale go smoother.

Finally, remember that you are a member, not just a customer. Owners vote on budgets and board seats, and speaking up early is often the best way to influence how an association handles rising costs.

The numbers in this story are national averages, so your own association’s costs may be higher or lower. But the direction is clear, and a little planning goes a long way.

Willow and Hearth