Homeowners in a North Carolina community are facing a financial nightmare after their homeowners association (HOA) doubled monthly fees to an eye-watering $2,500, leaving some afraid they could lose the houses they worked years to afford.
Residents of Magnolia Cove in Sherrills Ford say they are being priced out of their homes as the latest increase threatens to swallow up household budgets and make their properties almost impossible to sell.
The new charge, which takes effect on January 1, 2027, means homeowners will have to find an astonishing $30,000 a year in HOA dues alone, on top of their mortgages, property taxes and other bills.