In 2025, over 55% of mortgage purchase inquiries in major U.S. metros were from first-time homebuyers, especially in expensive California markets like San Jose and Los Angeles. First-time buyers tend to be younger, earn less, have lower credit scores, borrow less, and make smaller down payments than repeat buyers. They pay slightly higher interest rates and spend a larger income share on mortgage payments despite lower monthly costs. Coastal metros have higher first-time buyer shares than Southern or Midwestern cities.