While many would-be homebuyers agree that the American dream of owning one’s home is still a viable goal, a growing number of people hesitate to take the first step out of fear of losing their down payment. They worry that if they are faced with selling their homes within two to seven years that they would not able to recoup the amount of money they put down on their houses.
Studies show that many people would be more willing to buy a home if their down payments were protected. A recent survey reported that 63 percent of renters would explore buying a house if they knew that their down payments would be protected in some manner. The same survey showed that 31 percent of current homeowners would consider buying a new house if they were offered the same coverage for their down payments.
Moreover, a significant number of existing millennial homeowners report that they would have purchased the down payment protection had it been available when they first purchased their homes. Thirty percent of homeowners of all ages express this same sentiment.
Given these statistics, it is little wonder that many people want to buy their own home, but hesitate to do so without knowing that the money they worked so hard for to put down on a house will be safeguarded. The American dream has always included buying a house. Once this down payment protection is put in place, it is likely that more eligible renters, first-time buyers, and existing homeowners will resume buying new homes.