icon on HOA assessments and special fees are rising across Chicago, creating new challenges for condo owners and buyers. Inflation, higher insurance premiums, increased labor and utility costs, and aging building systems are all pushing association budgets higher. Older buildings are especially affected, as decades of deferred maintenance and underfunded reserves are now resulting in large repair bills.
Rather than gradual increases, many associations are facing sudden, significant assessment hikes or surprise special assessments to cover major projects like roof replacements, masonry work, elevators, and mechanical systems. These costs can significantly impact affordability and resale values, particularly for first‑time and fixed‑income owners.
Kevin Mitrick notes that rising fees are often the result of short‑term budgeting decisions made years earlier. Keeping assessments artificially low may feel beneficial in the moment, but it can ultimately lead to financial shocks when major repairs can no longer be delayed. He emphasizes that buyers and owners should closely review reserve levels, financial statements, and long‑term maintenance planning, as HOA finances can be just as important as the purchase price itself.
This summary is based on the Chicago Tribune article, “As more homes have community associations, monthly fees can make or break an owner's living situation", published on January 25, 2026.