The “American Dream” is based on the foundational principles of freedom and individual rights with the idea that every individual can pursue their own ambitions and goals. The Dream represents the belief that every American, regardless of their background, has the equal opportunity for prosperity and upward mobility through hard work.

Dr. Mike Katz knows that, along with education and financial success, Homeownership is an integral part of the Dream, based on the idea that through hard work, Americans can achieve a higher standard of living and provide a better life for their families.

Unfortunately, for many Americans. The dream of homeownership remains out of reach due to various factors, including high mortgage rates, a diminished supply of affordable housing, escalating housing prices, and inflation coupled with stagnant real wages. In Delaware, the median sales price for a home surged from $221,100 in 2018 to $339,400 in 2023, making a significant fifty-three percent increase (source).

Reviving the dream of homeownership for working families, especially young first-time homebuyers, demands a comprehensive upstream federal and state policy approach. This includes implementing tax incentives and discounted interest rates for first-time homebuyers, augmenting the supply of affordable homes, and implementing zoning changes aimed at reducing the cost of housing construction while encouraging the commencement of affordable housing projects.

Dr. Mike Katz is committed to introducing and championing policies, working with all members of Congress, to make homeownership once again attainable for working families.