BY: ROB CHRISMAN
A recent survey of American homeowners and renters released by Harris Poll on behalf of ValueInsured found that while Americans embrace the dream of homeownership, the possibility of losing a hard-earned down payment is discouraging them from buying. More than half (55 percent) of renters are confident they will get their down payment back if they were to buy today and have to sell in the next 2-7 years. If Americans were to trust their down payment to be protected than 63 percent of renters said they would be more likely to buy a home sooner if they could have the option to buy down payment protection, whereas 31 percent of existing homeowners said they would be more likely to buy a new home. Down payment protection would give more people confidence in buying, according to 81 percent of renters and 67 percent of homeowners. Roughly 78 percent of renters believe it's important to own a home or to become a homeowner again, and 9 out of 10 Millennial renters say it's important to one day own a home or to become a homeowner again. The majority of renters (70 percent) said they would purchase down payment protection if they decided to buy a home, and 32 percent of homeowners and 49 percent of Millennial homeowners would have purchased down payment protection if it was an option when they bought their home.