This country is on the fast path to HOA Hell.
I honestly believe that at some point, a property that does not have any legal entanglements with a homeowners association (HOA) will be worth more than the very same property having deed restrictions and covenants for a homeowners association. And it has nothing to do about the dues.
It has to do with the fact that we're putting current standards, practices and expectations of HOAs into contractual devices that may, and most likely will, outlive the need or desire for those standards, practices and expectations. And this country has been doing it for over 40 years. I suspect that as we look at many older HOAs, we'll see major long-term problems built into the contractual obligations of a development's deeds, and it is one incredibly big pain-in-the-ass to fix it over time - and that it's not getting fixed.
Sooner or later, some state legislator somewhere is going to stumble upon this problem, try to fix it, and find a country full of interested homeowners wanting to know more.