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hicago condo buyers are feeling the pinch of inflation as homeowners' association fees continue to rise. According to a Realtor.com analysis, HOA fees for condominiums increased by 9.3% last year, outpacing other housing types. A staggering 83% of condo listings required fees during this period, with an average monthly fee of $375 - significantly higher than the $58 average for single-family homes.

    Nationwide, more than 40% of listings required HOA fees in 2024, up from 39.2% the previous year. The median monthly HOA fee also rose to $125, a $15 increase from 2023. Tom Skiba, CEO of the Community Associations Institute, notes that inflation has affected HOAs similarly to personal and business expenses.

    Property fees are disproportionately high in areas with older buildings and lower property values. In South Commons, for example, fees account for 57% of total monthly homeownership costs. Conversely, neighborhoods with higher property values and modern buildings tend to have lower fee percentages.

    Chicago's luxury condo market remains active, with recent sales at the St. Regis Chicago generating significant revenue for the tower. Despite challenges from interest rates, inflation, and declining demand, the building has seen a financial boost.