More U.S. citizens live in neighborhoods governed by homeowners (HOAs) or neighborhood associations (NAs) than in any period of American history. Property values are typical association goals. Research fails to consider all types of associations in the examination of the effects of neighborhood governance on property values. In this article, I study the effects of HOAs and NAs on property values. I find that HOAs increase property values, while NAs exert no influence on property values.
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