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Why are HOA fees so high in NYC?
I nearly bought shares in a co-op here in New York City, but I changed my mind after doing a double-take at the HOA fees! It would’ve been like paying for a second home. Why are HOA fees so high in NYC?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good thing you noted those costs before signing on! Living in NYC comes with higher costs of living and housing, and that in turn can translate to some pretty costly HOA fees.
HOA fees cover a lot of ground: they go toward amenities like building pools and fitness centers and general maintenance and repair costs, as well as the salaries of building staff, like the superintendent or doorperson.
In a place like
New York
, those building costs can add up pretty quickly. The more perks your building has, the higher your HOA fee will likely be. Once you find the perfect pad, make sure your most essential items are covered by the right insurance. With the
Jerry
app, you can find competitive rates for home, renters, and car insurance
from more than 50 top insurance providers!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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