A new survey of 1,000 first-time homebuyers reveals the complex and often stressful reality of entering the housing market. Rising housing prices, high interest rates, and market uncertainty have created a tough environment for newcomers, many of whom must stretch their budgets or make lifestyle compromises just to get a foot in the door, according to a new survey from Raleigh Realty. 

The survey shows a clear generational divide in homeownership. The majority of first-time buyers are Gen X or Baby Boomers, while only 4% are Gen Z. For younger adults, especially Gen Z, the barriers to entry remain high. Those who do purchase tend to be higher earners—63% of Gen Z buyers make more than $75,000 annually. In contrast, many Baby Boomers bought their first homes with more modest incomes, suggesting that affordability has deteriorated over time.

Income still plays a central role in homeownership access. While many first-time buyers earn between $50,000 and $75,000, a significant portion earn less, especially among older generations. Gen Z stands out again here, with relatively few buyers earning below $50,000. This trend reflects broader concerns among younger people about financial stability, shaped by growing up during the 2008 housing crash and entering adulthood amid pandemic-era economic turmoil.