Rising HOA Fees Are Making It Even More Expensive to Own a Home

Summary

Episode Summary:

WSJ What’s News – Rising HOA Fees Are Making It Even More Expensive to Own a Home
Date: April 9, 2026
Host: Imani Moiz (for The Wall Street Journal)
Key Guest: Nicole Friedman (WSJ Housing Reporter), David Luno (WSJ UK Bureau Chief), Anthony DeBarros (WSJ Data Editor)

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Main Theme

This episode examines how surging homeowners association (HOA) and condo fees are exacerbating housing affordability challenges in the U.S. It also covers recent security concerns involving Russian submarine activity near undersea cables, updates on airline bag fees, and delves into trends behind declining U.S. birth rates.

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Key Discussion Points

1. Geopolitical Headlines: Middle East & Russian Undersea Activity

(00:33 - 05:43)

• Middle East Tensions:
  Israel prepares for negotiations with Lebanon amidst ongoing conflicts with Hezbollah and the aftereffects of a ceasefire that failed to pacify the region entirely.
  Quote: “Israel says it will begin peace talks with Lebanon while continuing military operations against Hezbollah… Iran insists that it does and that fighting must stop.” (Imani Moiz, 00:56)

• Economic Impact:
  The IMF's head warns that even if peace holds, global economic growth is expected to slow due to infrastructure damage, supply disruptions, and a loss of confidence. U.S. stocks react positively to peace talk news.
  Quote: “…even if the ceasefire holds, the damage to the economy has been done. Global growth will be slower than previously thought...” (Imani Moiz, 01:28)

• Russian Submarine Intrusion:
  UK reportedly intercepts Russian submarines operating near critical undersea telecommunication and energy cables, highlighting vulnerabilities and the rise in cyber/physical threats to infrastructure.

  • David Luno describes these cables as vital for the UK economy, especially with the growing data demands from AI.
    Quote: “Communications with the outside world essentially all run through these cables... So an awful lot of the UK economy could arguably be said to go through these cables.” (David Luno, 02:53)
  • The operation revealed “spy novel” dynamics, with decoy and covert Russian subs; British forces responded with a warning to Russia.
    Quote: “I say we see you, we see your activity over our cables and our pipelines. And you should know that any attempt to damage them will not be tolerated and will have serious consequences.” (David Luno quoting UK Defense Secretary, 04:25)

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2. Rising HOA and Condo Association Fees

(07:03 – 09:09)

• Fee Surge & Causes:
  HOA and condo fees have climbed notably in recent years, driven by steep increases in property insurance (especially post-Surfside condo collapse in Florida), labor, and material costs.

  • 1 in 4 U.S. homeowners pays these fees.
  • Median condo fee in 2025 was $420/month (up 29% since 2019); for single-family associations, $63/month (up 26%). Quote: “For condo associations, the median monthly fee last year was $420, and that's a 29% increase from 2019. For single family associations, the median fee last year is lower... but that's still a big jump.” (Nicole Friedman, 07:22)

• Impact on Buyers and Housing Affordability:
  Rising fees, layered on top of high home prices and mortgage rates, push many would-be buyers out of the market—especially for condos which are typically an affordable entry point. Quote: “If these monthly fees are in the hundreds of dollars a month or even higher, that can really make the difference between a condo being affordable versus, you know, out of reach.” (Nicole Friedman, 08:00)

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3. Other Major News Briefs

(09:15 – 10:55)

• Checked Bag Fee Increases:
  American Airlines raises checked bag fees to offset rising fuel costs tied to global instability; these hikes tend to be more permanent than fluctuating ticket prices. “Bag fee hikes tend to stick.” (Imani Moiz, 09:22)
• Tech & Media:
  • The NFL faces a Justice Department probe regarding the competitiveness of sports media rights.
  • Meta restricts legal ads targeting Instagram users as it combats legal claims over its platforms.
• Healthcare & Automobiles:
  A new oral weight-loss medication, Foundeo (by Eli Lilly), enters the market. Volkswagen ends U.S. production of its ID4 electric SUV, a sign of struggles in the electric car sector.

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4. Declining U.S. Birth Rates: Causes & Implications

(11:20 – 12:05)

• Economic and Social Anxiety:
  Uncertainty about economic prospects, job security, and relationships contribute to lower birth rates. Quote: “People want to have children, but they're a little bit uncertain about their future. People are looking around at their lives and they're not so sure that they're going to have jobs… or the job success that would sustain having a growing family.” (Anthony DeBarros, 11:20)

• Delayed Parenthood:
  Persistent messaging about risks of early parenthood has effectively curbed births among teens and women in their early 20s. Quote: “There's been a lot of education around telling young people that having children before they're ready will essentially ruin their lives.” (Anthony DeBarros, 12:05)

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Notable Quotes & Memorable Moments

• On Undersea Cables:
  “If you cut off your rival's ability to get information and to essentially see or use AI on the battlefield, you've got a big advantage.” (David Luno, 03:34)

• On Housing Fees:
  “…that can really make the difference between a condo being affordable versus out of reach.” (Nicole Friedman, 08:00)

• On Birth Rates:
  “Those three things are what we're hearing from demographers: economic anxiety, the political climate, and relationship uncertainty.” (Anthony DeBarros, 11:45)

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Important Segment Timestamps

• Geopolitical Update (Israel, Lebanon, IMF): 00:33 – 02:53
• Russian Undersea Activity, UK Response: 02:53 – 05:43
• Rising HOA Fees Discussion: 07:03 – 09:09
• Airline, Tech, Health Updates: 09:15 – 10:55
• Declining Birth Rate Segment: 11:20 – 12:24

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Tone & Style

Direct, informative, and data-driven, featuring concise analysis and relevant statistics—with a matter-of-fact delivery typical of the Wall Street Journal’s reporting.

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Summary Conclusion

This episode highlights how housing affordability continues to worsen in the U.S.—not only because of rising mortgage rates and prices, but also due to surging HOA and condo fees. The show contextualizes these trends within broader economic and geopolitical developments, such as international security threats and social changes influencing core economic indicators like the fertility rate. The reporting is clear, precise, and loaded with expert insight, giving listeners a 360-degree view of the forces shaping today’s housing and economic realities.

Transcript

[Imani Moiz]

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[David Luno]

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[Imani Moiz]

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[Imani Moiz]

Israel says it's ready to negotiate with Lebanon. While the ceasefire brought relative calm to the Persian Gulf, plus soaring HOA and condo fees are making it even more expensive to afford a home.

[Nicole Friedman]

If these monthly fees are in the hundreds of dollars a month or even higher, that can really make the difference between a condo being affordable versus out of reach.

[Imani Moiz]

And British officials say their navy foiled a secret Russian underwater operation in the north atlant. It's Thursday, April 9th. I'm Imani Moiz for the Wall Street Journal, filling in for Alex Osola. This is the PM edition of what's News, the top headlines and business stories that move the world today. Israel says it will begin peace talks with Lebanon while continuing military operations against Hezbollah there. Israeli Prime Minister Benjamin Netanyahu says the ceasefire doesn't cover the Hezbollah conflict. Iran insists that it does and that fighting must stop. Several European nations in Pakistan, the host of talks this weekend between the US And Iran, said Israel's attacks have undermined peace efforts in the Persian Gulf. Today, there was relative calm. Several countries made no reports of a missile or drone strike by Iran. But shipping was limited in the Strait of Hormuz, with only a few ships carrying Iranian cargo crossing the waterway. And the head of the IMF said today that even if the ceasefire holds, the damage to the economy has been done. Global growth will be slower than previously thought because of the destroyed infrastructure and supply disruptions as well as, quote, losses of confidence. News that Israel would pursue peace talks with Lebanon lifted U.S. stocks. The Nasdaq led the gains, closing up 0.8%. The S& P and the Dow both rose by more than half a percent. With the Dow now in positive territory for 2026. The UK says it's foiled a secret operation by Russian submarines in the North Atlantic. Officials say they believe Russians didn't damage critical undersea infrastructure like pipelines and telecommunications cables. WSJ UK Bureau chief David Luno joins us now to explain why officials are Anxious about the vulnerabilities of these undersea cables. David, why is Russia interested in these cables?

[David Luno]

North of the UK in the North Atlantic, there are cables. Communications with the outside world essentially all run through these cables. So the Internet, any kind of corporate activity that runs through the Internet. So an awful lot of the UK economy could arguably be said to go through these cables. One of the reasons these cables are increasingly important is because of AI. AI requires both a lot of energy and a lot of bandwidth. So there are dozens of new cables being laid all over the world that are going to sort of do the heavy lifting of transmitting AI's information to all of our computers. For adversaries, knowing where information is being tunneled through to countries is a hugely important piece of information. If you get into a conflict and you cut off your rival's ability to get information and to essentially see or use AI on the battlefield, you've got a big advantage.

[Imani Moiz]

What did British authorities say about the operation?

[David Luno]

Essentially, what they laid out today was quite fun because it was sort of like a spy novel. They said they detected some unusual Russian activity a little over a month ago in the North Atlantic. They went to investigate. It was a nuclear powered submarine from the Russians. And they realized that that wasn't the only submarine around there. That one was being used as a decoy for two other ones that were the ones snooping around where these sensitive cables are. So they said they basically made sure the Russians knew that the UK Navy was onto them and eventually chased them out.

[Imani Moiz]

And in a news conference, UK Defense Secretary John Healey had a warning for Russia's President Vladimir Putin.

[David Luno]

I'm making this statement to call out this Russian activity and to President Putin, I say we see you, we see your activity over our cables and our pipelines. And you should know that any attempt to damage them will not be tolerated and will have serious consequences.

[Imani Moiz]

Russia's embassy in London didn't respond to requests for comment. But what's the background here, David? This isn't an isolated incident, right?

[David Luno]

You know, this is part of a global effort that's been going on for a couple years. Most Western countries like the US say that China and Russia have been busy mapping a lot of the underwater sea cables that are critical for telecommunications and pipelines and other things are for the global economy for years now. And so they know where these strategic spots are. And some cases, some of these cables have been cut and some of these things have been sabotaged.

[Imani Moiz]

And is this related at all to the war in Iran?

[David Luno]

Well, what the Brits think is that the Russians were trying to take advantage of everybody being focused on the Middle east to try to sneak a few subs in here and try to do something without the Brits noticing. But the message from the UK to Russia today was we see you, we see your activity, and we're not happy about it.

[Imani Moiz]

That was WSJ UK bureau chief David Luno. Thanks for joining us, David.

[David Luno]

It's a pleasure.

[Imani Moiz]

Coming up, what's driving the drop in US Birth rates and why American is the latest airline to raise fees for checked bags? That and more coming after the break.

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[Imani Moiz]

Americans are paying more than ever to homeowners associations. That comes on top of elevated mortgage rates and near record home prices. WSJ housing reporter Nicole Friedman joins us now to discuss how that could affect people's ability to buy a home. So Nicole, what's pushing HOA fees so much higher?

[Nicole Friedman]

So homeowner association fees and condo association fees have both risen a lot in recent years, and that's really driven by the cost of property insurance and also the cost of labor and materials. There's been a big jump in Insurance costs following the Surfside condo collapse in 2021 in Florida, which brought a lot more scrutiny toward how safe these buildings are structurally, especially older buildings. And it's estimated that about one in four households that owns in the United States pays one of these monthly fees. For condo associations, the median monthly fee last year was $420, and that's a 29% increase from 2020 19. And then for single family associations, the median fee last year is lower. It's just $63 a month, but that's still a big jump. It's up 26% from 2019.

[Imani Moiz]

And what does this mean for home sales?

[Nicole Friedman]

So the big focus right now in the housing market is just overall affordability. Home prices are still quite high. Mortgage rates are still high. But then you also have these other costs, things like insurance, property taxes. And so it's definitely true that even if mortgage rate come down, home buyers are still watching the overall monthly expense that they might take on to buy a home. And especially in the condo space, where condos are often priced below single family homes. If these monthly fees are in the hundreds of dollars a month or even higher, that can really make the difference between a condo being affordable versus, you know, out of reach.

[Imani Moiz]

That was WSJ housing reporter Nicole Friedman. Thanks for joining us.

[Nicole Friedman]

Thank you for having me.

[Imani Moiz]

It's not just housing fees going up. American Airlines today became the latest airline to raise fees for checked bags. That helps offset higher fuel prices, which is, as you've heard on here, a consequence of the war in Iran. Airlines are raising ticket prices, too. But while fares can fall based on demand, bag fee hikes tend to stick. Now we have two updates on tech and media news for you today. First, the Journal has learned that the Justice Department is investigating the NFL for anti competitive practices. The nature and scope of the investigation couldn't immediately be learned, and spokesmen for the Justice Department and NFL declined to comment. Regulators and lawmakers have questioned whether sports media rights deals have made keeping up with teams too complicated and expensive. The NFL says it's one of the most accessible sports leagues and that 87% of NFL games are available on local television and in social media. Law firms looking for potential clients to sue Instagram can no longer find them on Instagram. Meta platforms, the company behind Facebook and Instagram, is removing hundreds of ads from trial lawyers. Meta has suffered losses in court recently over its social media practices. The tech company says it won't let lawyers profit from its platforms while simultaneously claiming those apps are harmful. Turning to health care, another weight loss pill is hitting the market in the US it's called Foundeo, and it's Eli Lilly's answer to Novo Nordics pill. Pharma companies hope that pills are more appealing to customers than weight loss drugs. You have to inject and Volkswagen is ending production of the ID4 electric vehicle in the US the compact SUV once represented a key part of VW's electric ambitions. It's now just the latest casualty in the US Car industry's retreat from electric vehicles. We mentioned on this morning's show that U.S. birth rates hit a record low last year. Now, that could be bad news for the economy, but WSJ Data editor Anthony DeBarros says that a big factor driving the decline is also economic anxiety.

[Anthony DeBarros]

People want to have children, but they're a little bit uncertain about their future. People are looking around at their lives and they're not so sure that they're going to have jobs or the job success that would sustain having a growing family. They're also not so sure about where the economy is going to go. There's concern over the political climate, and there's also some concerns about the relationships that they're in and whether those relationships are ready for children. Those three things are what we're hearing

[Imani Moiz]

from demographers, another big reason for the decline in the birth rate. Teenagers and women in their early 20s are having fewer babies.

[Anthony DeBarros]

There's been a lot of education around telling young people that having children before they're ready will essentially ruin their lives. And those messages have been particularly effective in encouraging teens not to have children.

[Imani Moiz]

And a final note. Yesterday morning's episode of what's News incorrectly called India's central bank the Royal bank of India. It is, in fact, the Reserve bank of India. And that's West News for this Thursday afternoon. Today's show was produced by Anthony Banci and Alexis Green, with supervising producer Taliar Bell. I'm Imani Moiz for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.

[Wall Street Journal Announcer]

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