Amid Rising Home Prices, Meet 'The Down Payment Movement'

With median and average home prices hovering near all-time highs above $300,000, it is more of a challenge than ever to save up enough for a down payment on the American Dream. By that same token, it is more intimidating than ever to plan ahead and save enough to make the 20 percent down payment necessary on those homes in order to avoid costly private mortgage insurance.

It's these economic and psychological hurdles that spurred a collective of financial bloggers and personal finance experts to come together to form the Down Payment Movement, which aims to encourage prospective home buyers to begin saving for their down payment. With the help of home equity investment company Unison, the project plans to solicit and publish stories and statistics of saving for a down payment from financial experts to everyday home buyers.

"Our goal is to provide educational tools and support for home buyers as they save for the down payment through an interactive website and a comprehensive 12-week home buying course," said Benjamin Feldman, Director of Content at Unison Home Ownership Investors

The ultimate intention of the Down Payment Movement is to support, encourage and motivate those looking to buy a house. To this end, the movement has set a goal of $1 million pledged among their contributors toward a down payment over the next year.

Vistors to the Movement's site are prompted to set a monthly savings goal. After signing up, they will receive tips and updates from the internet's most popular and insightful financial and savings minds, including Wallet Hacks' Jim Wang, PT Money and Carrie S. Nicholson of Honest Money Conversations.

Visit www.downpaymentmovement.com for more information on the project