14% of Texans live in community associations
More than 4 million people live in 19,900 community associations in Texas, according to estimates by the Foundation for Community Association Research. The majority of community associations are planned communities (HOAs), condominiums, and cooperatives. The foundation also estimates that 137,000 volunteers serve on community association boards or committees in the Lone Star State.
Homeownership is a bigger part of the American Dream than a fulfilling career
“Owning a home I love” topped all responses in a recent nationwide survey conducted by Hearth to determine people’s outlooks on the American Dream. Homeownership—rated as important by 70% of those who value the American Dream—was seen as more important than career aspirations, the ability to send kids to college, and affording rent and expenses without hardship.
The top ranking held up across generations, with Millennials 5% more likely than even Baby Boomers to call homeownership a key to the American Dream. Nearly 80% of respondents who consider homeownership important believe renovations are an integral part of the homeownership picture.
Older Boomers less likely than previous generation to pay off mortgage
Fewer than 50% of homeowners aged 65 to 69 owned their homes outright in 2015, a drop of 10 percentage points compared to homeowners of the same age group in 2000. The presence of a mortgage at that age makes a homeowner more than three times as likely to have a housing-cost burden, defined as housing expenses greater than 30% of household income.
Source: Fannie Mae Housing Insights Series