The lock-in effect is persisting as mortgage rates stay above 6%, leading homeowners to increasingly opt to stay put and invest in renovations rather than move, according to a new survey from Citizens Financial Group.

The survey points to a growing “stay and upgrade” trend, with 44% of homeowners saying that renovating their current home is the most realistic housing option over the next few years. Just 13% say buying a home feels achievable in today’s economic environment.

“Homeowners are redefining success and taking a more pragmatic approach to their living situation,” Fabien Thierry, head of home equity lending at details ⇒

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