Chances are that if you are not yet a homeowner, you still haven’t given up on the American Dream. The most recent American Dream Survey, conducted by Harris Interactive for Trulia.com, shows that buying a home remains a key piece of that dream for 70% of all respondents. Even the young still embrace homeownership: 65% of 18- to 34-year-olds surveyed said that it was part of their personal American Dream.

But  younger renters wishing to purchase homes in Philadelphia and elsewhere do face some high hurdles to homeownership. According to the survey, the highest hurdle is the down payment: 51% of all renters who want to become homeowners now, and 62% of those between 18 and 34 years old, said that saving enough for a down payment was the biggest obstacle in the way of achieving their goal.

The recommended down payment of 20% towards the purchase of a new home represents a major chunk of change. Even saving up $30,000 to put down on a modest $150,000 condo or starter home can prove difficult for younger people. Here are five tips for making that task easier – or even cutting that down payment down to something more manageable.

1. Pay yourself first. This is the oldest and still the best advice for anyone wishing to save for a major goal. Figure out how much you need to save in order to have the money you want in a reasonable amount of time, then set that amount aside every time you get paid. Your bank can most likely put this process on autopilot through automatic transfers from your checking account to a savings account. If you find that figure more than you think you can afford, look at your monthly expenses – there’s likely room to trim some nonessential ones in order to save more.

2. Make your savings work harder for you. Those automatic transfers may make saving painless, but they are also likely to make it less fruitful in today’s low-interest environment. With savings and money market accounts yielding 0.5% annually on average, it may seem that shoving your money under a mattress would produce just as high a return. Still, you can shop around for banks that offer accounts that pay more. Sites like Bankrate.com make this process easier by letting you compare accounts both locally and nationally. Credit unions also tend to offer higher rates. You can compare credit unions on Bankrate.com or find one near you at iBelong.org.

3. Borrow from your future. Especially if you are younger, borrowing from your retirement savings can be a good way to get money for the down payment. Some 401(k) and 403(b) plans allow participants to borrow from their savings in order to purchase a new home, and Internal Revenue Service rules permit early distributions from IRA accounts for first-time home purchases without a tax penalty. (You will still have to pay regular income tax on the amount distributed, however.)

4. Talk to Uncle Sam – or your state government. Programs sponsored by the Federal Housing Administration and the Department of Veterans Affairs help low- to moderate-income buyers obtain guaranteed mortgages with a much lower down payment – even no money down in some cases. A number of state and local governments also run programs that help individuals and families purchase their first home.

5. Get by with a little help from family and friends. For those who can do so, turning to relatives and friends for assistance with a home purchase may prove advantageous. But be careful: entangling family ties and personal finances can produce some unintended consequences.

And even if these steps do not result in your either amassing the recommended 20% down payment for that new home in Philadelphia or reducing the amount you need to chip in, you may still qualify for a mortgage on the home of your dreams. You will just need to add the cost of private mortgage insurance into your monthly payments until you have accumulated 20% equity in your home.