A survey of recent US buyers found 77% exceeded original budgets. Top hurdles: high home prices and mortgage rates near 7% in the past two years.
Budget strain hit younger buyers hardest. Half of Gen Z and 44% of millennials said they risked missing a mortgage payment in the past 2 yr.
Common tradeoffs included bigger down payments, higher rates, and larger mortgages. Some younger buyers also borrowed from family or friends or tapped retirement savings.
Stress centered on offers and negotiations, then paperwork and closing. Fraud fears also grew: 1 in 4 buyers were targeted, and 1 in 20 became victims.
Buyers wanted speed and digital convenience, with many expecting closings within 2 weeks. eSign, virtual closings, and fully digital processes strongly influenced lender choice.
Even with digital demand, human guidance still mattered most. Many recent buyers said they would refinance in 2026 if conditions improved, especially younger generations.