HOA vs. no HOA is partly a lifestyle preference. Some people just don’t like the idea of a community board telling them when to take down their holiday lights, etc., while others want to live in a community that has those types of restrictions. That preference isn’t really a financial decision.
Regarding what you get for your money in terms of amenities, I would look at this very closely. For example, a high-rise building will have expenses for things like elevator maintenance and window washing. If you are on a high floor getting the benefits of the great view, then you might be OK with those costs. If you are going to be on the lower floors, you are still paying but not getting much return on those parts of the HOA fee. Similarly, think about whether you will use the pool, gym, etc. — really use them, not just think, “I’d love to start working out again.” On the other hand, if the condo with the expensive HOA is a five-minute walk from your work, while the SFR will be in a suburb with a long commute, you should factor that in as well.
Bottom line is that if you are going to buy at all — and I would counsel caution on buying in general right now — your choice of housing involves so many factors that it is hard for strangers to give especially good advice.
