Although concerns about housing affordability remain, first-time buyers are eager to enter the housing market no matter the conditions
March 21, 2025
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Buying a home for the first time is challenging, but many first-time buyers feel prepared to do so in 2025 no matter the buying conditions.
Despite concerns about affordability and rising interest rates, first-time homebuyers remain eager to enter the housing market. According to New Jersey-based bank TD Bank’s annual First-Time Homebuyer Pulse survey, confidence for first-time buyers is growing, with 74% of respondents feeling optimistic about purchasing a home.
Although there are concerns about rising mortgage rates, those who plan to buy in 2025 say they’re taking steps to ensure their financial readiness no matter the market conditions. Nearly half of respondents say they are already saving for a down payment. Additionally, 88% say they are working to better their credit scores, and 33% have received a gifted down payment from family.
“Optimism in the housing market is a positive sign for first-time homebuyers, as it encourages them to become more strategic and adaptable in their journey to homeownership," said Steve Kaminski, Head of U.S. Residential Lending at TD Bank. “These results tell us that more and more first-time homebuyers have greater confidence in navigating the homebuying journey, and it's likely because they are better financially prepared and more well-informed during the decision-making process."Read more
