I believe that anyone at any income can be living paycheck to paycheck or even growing their debt.
However, having lived through it, I think more of the challenge is prioritization and sticker shock for high earners, opposed to financial impossibility. For example, you are allowed to take a year off contributing to your 401k to buy a house if it is a higher priority to you, or simply borrow the down payment from the 401k. Smart people often get bogged down in opportunity costs and wanting it all.
However, having lived through it, I think more of the challenge is prioritization and sticker shock for high earners, opposed to financial impossibility. For example, you are allowed to take a year off contributing to your 401k to buy a house if it is a higher priority to you, or simply borrow the down payment from the 401k. Smart people often get bogged down in opportunity costs and wanting it all.