Survey: Down payment an obstacle to homeownership for most

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More than half of renters who wish to buy a home say the biggest imediment is saving enough for a down payment, according to the latest American Dream survey from real estate search and marketing site Trulia released today.

Market research firm Harris Interactive conducted the biannual online survey for the company between Aug. 30, 2011, and Sept. 1, 2011. The survey included 1,392 homeowners and 758 renters.

The majority, 70 percent, of respondents said owning a home is part of their American dream, unchanged from the last survey in January. This attitude toward homeownership rose with age, from 65 percent of 18- to 34-year-olds to 76 percent of those 55 and older.

Among current homeowners, 80 percent said they plan to buy another home in the future and 57 percent said owning a home is among the best long-term investments they could make, Trulia said.

Among renters, 59 percent said they aspired to own a home, but of those, 51 percent said saving enough for a down payment was their biggest obstacle to homeownership at this time.