04/23/2026

Citizens Survey Finds Americans Choosing Renovation Over Relocation as Housing Pressures Persist

New report reveals homeowners are staying put, investing in their homes, and navigating financing decisions

PROVIDENCE, R.I. (April 23, 2026) – As housing affordability continues to shape the market, Americans are rethinking what the “dream home” looks like. A new Citizens survey finds that homeowners are increasingly choosing to stay in their current homes and invest in improvements rather than move, reflecting a broader change in today’s homeownership mindset.

The findings highlight a growing “stay and upgrade” approach driven by elevated home prices, current mortgage rates, and broader economic uncertainty. Nearly half (44%) of homeowners say renovating their current home is the most realistic housing option over the next few years, compared to just 13% who say buying a home feels achievable in the current economic landscape.

“Homeowners are redefining success and taking a more pragmatic approach to their living situation,” said Fabien Thierry, Head of Home Equity Lending at Citizens. “Today, more homeowners define success as feeling financially secure where they are (43%) and investing in their current home to make it work long term (31%) and that shift is changing how they think about home improvements and financing needs.”

Financing Demand Grows, But Behavior Hasn’t Fully Caught Up

Homeowners are turning to renovation instead of moving, given the cost of buying a home (36%) and not wanting to give up a current mortgage rate (19%). Demand for home improvement is strong, with 71% planning to complete a home improvement project within the next two years, and two-thirds (66%) willing to sacrifice other major purchases to make it happen.

At the same time, financing needs are increasing. Nearly two-thirds (63%) of homeowners say they are likely to need financing for a home purchase or improvement within the next five years, but 39% say they don’t understand how financing options work.

This gap suggests that while demand for financing is on the rise, many homeowners lack confidence in understanding and using their options, highlighting an opportunity for greater education and awareness:

  • 27% say hidden fees are the most confusing part of the process 
  • 32% would only use home equity in an emergency
  • 27% of homeowners are either unfamiliar with home equity or have not yet explored how it could work for them 

“As more homeowners look to invest in their current homes, understanding available financing options becomes increasingly important,” said Thierry. “Home equity can be a valuable tool, but clarity and confidence are key to making informed decisions.”

Renovation Demand Remains High, but Cost is Reshaping Projects

While interest in home improvement remains high, affordability is influencing how projects take shape. As a result, homeowners are prioritizing practical upgrades over aspirational ones. Nearly two-thirds (64%) are focused on necessary repairs or replacements, while just 17% pursue more indulgent upgrades. Economic pressures are also shifting how renovations come to life, with 30% of homeowners turning to DIY projects over hiring outside help.

The findings highlight a growing need for clear guidance and accessible financial tools to support homeowners as they navigate these financial decisions. By bridging the knowledge gap and simplifying financing options, Citizens empowers homeowners to turn their vision into reality.

For more on home renovation trends and ways to plan your next project, visit the Citizens Renovation Hub.

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Methodology
Citizens' Dream House Reality Report was conducted by Researchscape International among 1,077 U.S. adults. The survey was fielded from March 6 to March 11, 2026, using an online panel survey weighted to represent national homeowners. The credibility interval is plus or minus 4 percentage points.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $227.9 billion in assets as of March 31, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.