Homeownership Still Offers Advantages

Carol Riggles • December 4, 2023

Homeownership Still Offers Advantages

Despite current challenges in the housing market such as reduced inventory, higher prices and huge increases in mortgage interest rates, becoming a homeowner rather than remaining a renter still offers several advantages and is still a goal for most of IHA’s program participants. 

Housing stability is the primary advantage of homeownership.  Rents have skyrocketed over the past three years and even with the current rise in the overall inflation rate, the rate of rent increases has surpassed nearly every other cost of living index. 

Another economic advantage of homeownership is that the value of a home increases faster than the value of most other savings accounts and with less volatility.  Homeownership is the average American’s Number One way to increase their overall net worth.   

There are intrinsic advantages as well – privacy, freedom of choice, and civic engagement. 

As a homeowner you get to decide who comes over and when, rather than receiving notices from your landlord to enter. Many first-time homebuyers enjoy this new level of privacy after buying a property. 

Perhaps the best advantage of homeownership is being able to create a living space that suits you – you can choose everything!  The color of the walls, the type of flooring, the light fixtures – everything! 

Civic engagement is a fancy way of saying belonging to a community, and becoming a homeowner increases your feeling of belonging.  That isn’t to say that renters can’t feel like they belong, but the renters that have a goal of homeownership do feel like they are in a temporary space and don’t have that sense of comfort and belonging that homeownership provides.   

 

If you have the desire to become a homeowner, please contact us so we can help you plan your journey! 

2025 Out of Reach

By Jodie Ostoich • September 8, 2025
Maryland and Frederick County: A Growing Housing Affordability Crisis Each year around this time, I share data that highlights the growing challenge of housing affordability in Maryland—and this year is no exception. Maryland now ranks as the 8th most expensive state in terms of wages needed to afford a modest two-bedroom apartment. A worker must earn $39.15 per hour —or nearly $81,450 annually —just to meet that threshold. Unfortunately, the situation in Frederick County is even more severe. Alongside Calvert and Charles counties, Frederick tops the list, requiring a staggering $44.50 per hour —equivalent to $92,560 annually —to afford a two-bedroom apartment.  Meanwhile, the average renter in Frederick earns just $18.25 per hour , which translates to an affordable rent of only $949 per month —far below what the market demands. This stark disparity is exactly why the mission of Interfaith Housing Alliance (IHA) is so critical. We are committed to addressing these inequities and advocating for solutions that make safe, stable housing accessible to all. Below, you’ll find the 2025 data from the National Low Income Housing Coalition , detailing housing affordability across Maryland and its counties.

Fall Newsletter Grant Updates

By Rachel Gardner • September 8, 2025
Interfaith Housing Alliance (IHA) is proud to announce two funding awards received this quarter from community partners. In July 2025, IHA received a $3,500 grant from The Croteau Family Charitable Gift Fund, which is a donor-advised fund (DAF) held at T. Rowe Price Charitable. IHA also received a $5,000 grant from The Natelli Communities Charitable Fund of The Community Foundation of Frederick County. These unrestricted funds will support all of IHA’s endeavors in strengthening the many communities we serve.

Build Confidence With Your Finances at Financial Freedom Bootcamp

By Lacy Allen • September 8, 2025
Money can sometimes feel overwhelming—but it doesn’t have to! This October, Interfaith Housing Alliance is offering our next Financial Freedom Bootcamp, a free, two-part workshop designed to help you take positive steps toward financial stability and confidence.  The bootcamp kicks off with an in-person workshop on October 15th from 5:30–7:00pm, where participants will explore the building blocks of financial health. You’ll learn how to create a budget that actually works for your lifestyle, discover the best practices for saving, and walk away with strategies for reducing debt in realistic and manageable ways. After the first session, participants are invited to take part in an optional virtual Credit Café, a supportive space to dive deeper into questions about credit and money management. This extra resource helps reinforce what you’ve learned and gives you the chance to connect with others working toward similar goals. The second workshop will be held virtually on October 29th from 5:30–7:00pm, making it convenient to join from home. This session will focus on building confidence when communicating with creditors, understanding your credit, and setting SMART goals to stay on track for the future. Together, these two sessions provide practical, easy-to-use tools to support your financial journey. No matter where you are starting from—whether you’re new to budgeting, trying to rebuild your credit, or just looking for ways to feel more in control—Financial Freedom Bootcamp is a welcoming and encouraging place to begin. At a Glance What : Financial Freedom Bootcamp – free, two-part workshop series When: October 15th (in-person) & October 29th (virtual), both 5:30–7:00pm Topics: Budgeting, saving, debt reduction, credit confidence, SMART goal setting Extras: Optional virtual Credit Café between sessions Register: Contact Lacy Allen at lames@interfaithhousing.org or 301-662-4425 ext. 1203
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