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! 

Fall Updates from IHA

September 2, 2026
A quarter of grant wins, community partnerships, and small moments that remind us why this work matters. Here's what's been happening at Interfaith Housing Alliance since the summer. GRANTS & FUNDING: Four New Grants Fuel IHA's Work This Quarter Interfaith Housing Alliance is proud to announce four funding awards totaling $220,000 during the last quarter from our community partners. In June 2026, IHA was awarded a $30,000 grant by Ausherman Family Foundation. This capacity-building grant will provide funding support for the organization during its transition to new leadership. It will also support IHA's work with key community consultants with the goal of recentering IHA's programs and services in Frederick, MD. In July 2026, IHA was awarded a $125,000 grant from Morgan Stanley. This operational grant supports IHA in its ongoing quest to create and provide affordable housing opportunities for low- to moderate-income (LMI) community members. It also supports IHA's continued community programming, which provides access to financial education and affordable homeownership opportunities. In August 2026, IHA received two funding awards in support of IHA's Financial Dignity and Empowerment Services. IHA was awarded a $30,000 grant from the Maryland Department of Housing and Community Development's (DHCD) Maryland Housing Counseling Fund (MHCF). IHA was also awarded a $35,000 grant by Rural Maryland Council (RMC) through their Maryland Agricultural Education and Rural Development Assistance Fund (MAERDAF) program. These grants will support the full spectrum of community programming IHA offers, including group educational workshops on financial health, individualized financial coaching and housing counseling, and pathways to affordable homeownership. We are deeply grateful to these partners for their continued investment in this community.

Weinberg House Renovation Brings New Life to Senior Living

By Vickie Mills • June 2, 2026
Exciting, the final renovations of the last two units are underway at Weinberg House, a long-standing affordable senior living community in Fredrick, Maryland. Originally built in 1994, the property provided safe, stable housing for older adults for decades. Renovations began on May 1, 2023. At that time, they had a total of 23 units to renovate. The renovations included freshly painted walls, new carpet in the bedrooms, new flooring in the other rooms, new cabinets in the bathroom, as well as new kitchen cupboards, fixtures and new appliances. The final two units will be ready for lease up June 15, 2026. The renovation of Weinberg House represents a meaningful investment in both people and place. By modernizing the property while protecting its mission, this project will help ensure that affordable, welcoming housing remains available for seniors for years to come. It is an encouraging example of how thoughtful redevelopment can strengthen communities and honor the residents who call them home.

Interfaith Housing Alliance (IHA) is proud to announce three funding awards during the last quarter from our community partners.

By Rachel Gardner • June 2, 2026
In March 2026, IHA was awarded a $50,000 grant through the Frederick County Government’s Helping Empower Area Resources Together (HEART). These one-time operational funds were awarded to mitigate the effects of the longest federal government shutdown in history. This grant has allowed IHA to continue providing essential programs and services to Frederick County residents despite challenges at the federal level. IHA was also awarded a $5,000 grant from the City of Frederick through the Community Promotion Grant program. This grant supports aging in place and youth development needs among City residents through IHA’s Supportive Services. The program serves residents of IHA’s senior and multi-family affordable rental communities at 222 Broadway Street (Weinberg House) and 520 N. Market Street, respectively. In April 2026, IHA was also awarded a $25,000 Community Partnership Grant from Frederick County Government. This grant supports IHA’s full range of Financial Dignity and Empowerment Services, including our homeownership and financial education programming. IHA’s Purchase-Repair Program provides an avenue to homeownership for those who otherwise would not qualify for a traditional home loan. In Credit Café, participants work specifically on improving their credit. Financial Freedom Bootcamp helps participants improve their skills in budgeting, saving, debt reduction, and financial goal setting. The Frederick Affordable Housing Incubator (FAHI) brings multiple sectors together to increase the affordable housing inventory in Frederick County.
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