First-time homebuyers represent a hugely important swath of the homebuying public, and a new study has pinpointed some of their key characteristics.

First-time homebuyers serve an integral role in the U.S. housing market. Along with comprising between 30 and 40 percent of all home purchases, first-time homebuyers are also an essential component to the move-up buyer market, in that they purchase existing-homeowners’ starter properties and along those homeowners to move on to larger residences.

But today’s first-time homebuyers, who are primarily of the millennial, or Echo Boomer, generation, distinguish themselves from generation’s past in a number of interesting ways.

Carlos Garcia, a broker with Keyes Realtors in Miami and MBF member, said his first-time homebuyers are often a frustrated lot, given all the competition currently in place in Miami’s housing market. In addition, because lending is still tight in Miami, many first-time homebuyers can only qualify for FHA financing, and sellers will occasionally pass them over for the more surefire all-cash offers.

“There’s a lot of frustration right now among first-time homebuyers,” Garcia said.

For further perspective on what makes today’s first-time homebuyers tick, check out our infographic below, which compiles the findings of a recent survey from the folks at Doorsteps: