HOA websites

I can only say this, your "demographic" is too general as to be meaningless for the question you are asking.

You will need to slice-and-dice it closer than that.

It might be a good idea to do some footwork, first, and call on the 150 homes, whether by survey or in person, it's up to you, and ask them a set of questions geared to determine their internet access capabilities and knowledge and their frequency of use of internet sites.

From there you might want to gather some additional information: would they be willing to share email addresses with the board to receive periodic email notices? what type of information would be most helpful or wanted by them in regards to the HOA online? what privacy concerns they might have regarding any personal information on the site? That sort of thing.

Once you get that information, your question of "will it be worth it?" will answer itself.

On the other hand, if you want to add value to your neighborhood and present a good face to potential new neighbors who are scouting for a place to live, you could still create what I call a "business card" site that is mostly static, but gives certain specific information ahead of time to people regarding the amenities your neighborhood offers, the types of people who live there, the types of CC&Rs that you have (we have what we call a "universal" set since we have 9 different sections with slightly different versions), blank copies of the Architectural Review Request Form, any CC&R amendments made over the years, and the names and contact information for your board members and, in general, whatever else information that you don't need to maintain on a daily or even monthly basis.

Good luck.