3 ms·
I cannot even think, what is worth that HOA. You could literally hire a full time person, 40hrs per week + give them a room in your house, for that.
by b112 4y ago
I cannot even think, what is worth that HOA. You could literally hire a full time person, 40hrs per week + give them a room in your house, for that.
- addaon 4y agoNot sure how you figure? Minimum wage in Illinois comes to $2600/month for 40 hours/week. You're giving them a room in a place where the prevailing rent is clearly over $2000/month, which is hard to price at less than $1000/month (a "two roommates" situation)... so your proposed value package is well over twice the HOA fee.
- t-3 4y agoNo, it's not. Minimum wage in Illinois is $12/hour. 12 x 40 x 4.3 = 2064.
- addaon 4y ago$15.40 in Chicago, where the housing under discussion is located.
- Retric 4y agoIllinois minimum wage is 11$/hour on their website, though I have also seen 12$ listed elsewhere. https://www.illinois.gov/services/service.find-minimum-wage-information.html https://www.illinois.gov/services/service.find-minimum-wage-... So 11 * 40 * 52 / 12 = 1906$/month + SS.
- addaon 4y ago$15.40 in Chicago, where the housing under discussion is located.
- deleted 4y ago[deleted]
- Retric 4y agoSingle employee is 11$/hour in Chicago unless they are a domestic worker. $15.40 for employers with 21 or more employees (including all domestic workers, regardless of the number employed) $14.50 for employers with 4-20 employees https://www.chicago.gov/city/en/depts/bacp/supp_info/minimumwageinformation.html https://www.chicago.gov/city/en/depts/bacp/supp_info/minimum... But, you can subtract reasonable room and board fees, so actual cost could be lower if you had a spare room and someone was willing to take the job.
- meragrin_ 4y agoNah, more than one person pays the HOA fee. Ten people paying put it at $20k a month. $4600 a month is not even a quarter of that.
- addaon 4y agoI think we might be saying the same thing? My reading of the grandparent was that the individual responsibility for the HOA / maintenance fee was outrageous because it "literally" represented approximate CoL for a whole additional human, which just isn't accurate. But the entire point of these collective fees is to pool them and use them for amenities which are not available to individuals. Of course collecting money and spending it represents the ability to pay for labor; that's the dominant cost of most expenses! I'm not too familiar with the Chicago housing market, but in the New York market these fees go to pay full-time salaries for supers, doormen, elevator men, maintenance folk, etc., many of whom also get housing in the building at a reduced or included rate.
- b112 4y agoNot sure how you figure? 2k plus a room.
- martinflack 4y agoOne would have to check that particular example, but in general, there are buildings in SF and NYC where the HOA fee covers amenities that are, frankly, hotel-like. Staffed gym with climbing wall, 24/7 valet parking, food can be sent up from the ground-floor cafe at no delivery cost, etc.
- abawany 4y agoEveryone forgets about insurance, which often comprises a major portion of expenses especially as buildings gets older and the hoa management gets less eager to price shop.