Not to mention HOAs usually come with a fee sometimes hefty enough to seem like a second mortgage payment. I'm with you I don't understand why anyone would pay hundreds of thousands for something then let the worst members of their neighborhood make decisions about what they can do with it.
My understanding is that some areas of the country have very little housing available that isn't encumbered by an HOA. I absolutely refuse to buy a house subject to an HOA, but I guess that means there are some places I would have a tough time relocating to in that case.
Why on earth would I willingly give up the rights to do what I wish with my own property as long as I follow city codes?
...and no, 'property values' don't cut it. I don't even consider my home when factoring my productive net worth.