The "American Dream" is based on the foundational principles of freedom and individual rights: 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, a significant 53% increase.
Key Positions
- Implement tax incentives and discounted interest rates for first-time homebuyers
- Augment the supply of affordable homes through zoning reform and construction incentives
- Reduce the cost of housing construction while encouraging affordable housing projects
- Work across party lines to make homeownership attainable for working families
- Address the 53% surge in Delaware home prices that has put ownership out of reach for many
Reviving the dream of homeownership for working families, especially young first-time homebuyers, demands a comprehensive upstream federal and state policy approach. Dr. Katz is committed to introducing and championing policies, working with all members of Congress, to make homeownership once again attainable for working families.
The numbers in Delaware are stark. The median home price rose 53% in five years, from $221,100 in 2018 to $339,400 in 2023. For a young Delaware family trying to save for a down payment while managing rent, groceries, childcare, and student loans, that math simply does not work. Rental costs have followed the same trajectory. The result is a generation of Delawareans who grew up here, went to school here, want to stay here, and can't afford to put down roots. Federal policy shapes this directly: mortgage interest rates, FHA lending standards, housing construction incentives, zoning reform preemption, and first-time buyer tax credits are all instruments a U.S. Senator can move. Delaware cannot fix its housing crisis without federal partnership.
Dr. Katz has built his life and his businesses in Delaware. He has watched housing prices outrun wages for working families and understands that homeownership is not just a financial transaction. It is the foundation of stable families, stable communities, and the kind of long-term investment in a place that makes civic life work. As someone who has operated in Delaware's real estate and business environment for decades, he is not learning about the housing affordability crisis from a policy brief. He lived through the 2008 collapse and understands both the fragility and the importance of a healthy housing market. He will fight for policies that bring first-time buyers back into the market, not with gimmicks, but with structural reforms that expand supply, reduce costs, and restore a pathway to ownership for Delaware families.