preamble

Homeownership is the cornerstone of the American dream. It is how we build generational wealth and ensure a better life for our children. Where you live is one of the biggest decisions a person can make and affects every aspect of our lives.

Currently, homeownership is becoming increasingly difficult to obtain and new taxation, or regulations, and the rising cost of living are forcing current homeowners to reevaluate if they can stay in the homes they love. Elected officials, from the state legislature to the city council level, are not doing enough to support homeownership and we need that to change.

We need to:

• Incentivize building more types of housing so Delawareans can find the home they want.
• Make housing more obtainable by reducing taxes and fees on real estate transactions.
• Implement smarter & clearer regulations on development.
• Recognize that seemingly small ordinance changes can have a larger impact on housing affordability.
• Provide downpayment assistance to first-time homebuyers and make the transition from renting to owning easier.

US Census Bureau Data
Housing units, July 1, 2021, (V2021)	457,954
Owner-occupied housing unit rate, 2017-2021	71.5%
Median gross rent, 2017-2021	$1,199

RPR Federal Economic Area Report
	Delaware	US
Vacant Units as a percentage of housing stock	13.6%	10.3%
Income needed to afford a mortgage	$118,501	$96,782
Median Household Income	$77,601	$70,784
Median Renter Family Income	$43,085	$47,949
Income gap for renters	$-75,416	$-48,833
Median Estimated Home Value	$386,210	$343,150
12 mo. Change in median estimated home value	8.2%	6.4%
Home affordability index*	275	201.8

A mortgage is affordable if a family spends at most 25% of income on the mortgage payment so that total costs (including utilities, taxes, insurance, and maintenance) are no more than 30% of income. Calculations assume a 10% downpayment at a 6% 30-year fixed rate and 0.8% points.

An affordability index of 100 means homes are typically affordable; a higher index means homes are typically unaffordable.
HAI = (income needed to afford a mortgage/median family income) x 100.