- U.S. homeowners are struggling to afford homeownership, weighing options and making stark financial choices to manage the costs.

Dealing with higher expenses than they anticipated, homeowners are facing a dilemma, according to a new survey by Unlock Technologies. Most do not plan to sell their homes, have limited emergency fund savings, and are stressed by personal finances. In response, they are cutting corners on major purchases, everyday expenses and even retirement savings.

"Homeowners are clearly struggling and searching for a way to cope in the current economy," says Michael Micheletti, chief communications officer at Unlock. "Homeownership is a mainstay of the American economy, yet owners are stressed, worried about overall personal finances and making economic choices that could threaten their short-term and long-term financial health." 

Costs – and sacrifices – of home ownership
Sixty-five (65%) of U.S. homeowners say the cost of homeownership is more expensive than what they thought it would be before becoming a homeowner. To afford life as a homeowner, the survey found that they are cutting both essential and discretionary spending, and making personal life choices to keep costs in check.

• Taking fewer vacations: 38%
• Delaying major purchases: 33%
• Putting less into retirement: 22%
• Staying in their starter home longer than intended: 21%
• Purchasing more on credit: 17%
• Delaying funding a business or making other investments: 10%
• Holding off on starting a family: 7%
• Not having, or seriously scaling back, a wedding: 5%

Still, the vast majority of homeowners plan to stay put. Three out of four (75%) say they have no plans to buy or sell a home this year. Respondents say that to consider purchasing, the 30-year fixed-rate mortgage rate would need to fall below 4%. Nor are they planning to refinance, reporting that until the 30-year fixed-rate mortgage rate would need to fall to 3.6%.

These findings represent a marked change from findings in Unlock's October 2025 survey, in which 59% of homeowners said they were not likely to purchase a new home until a 30-year fixed-rate mortgage was 6% or lower, and 92% who said they wouldn't consider a cash-out refinance until rates dropped to 6% or below.

Stretched to the limit: homeowners prefer more commute time to more monthly payments
Already stretched, homeowners indicate they can't afford to add more items to the budget – specifically, more monthly payments. To forego another monthly payment, homeowners would rather do the following:

• Double their commute time: 19%
• Call an ex and ask them to dinner: 16%
• Wear the same underwear all month: 14%
• Move in with their in-laws for a month: 13%
• Do their taxes every day for a month: 12%
• Not brush their teeth for a month: 9%
• Take a pay cut: 11%

73% of homeowners do not feel any better off today than a year ago
Compared to a year ago, 32% of homeowners feel worse off financially, while 41% feel the same financially. Only 27% say they feel better off financially. Almost half (46%) say they have more concerns about their finances today than worries about their future financial situation.

Finances are also a major source of stress, with 46% of U.S. homeowners saying personal finances cause the most stress in their life. That's followed by death of a loved one (33%) and personal injury or illness (31%). The lack of emergency savings can add to the stress. Nearly a third (30%) of homeowners indicate they have less than $1,000 in emergency fund savings.

Home equity provides security and a solution
A majority (60%) of U.S. homeowners report believing economic policy – such as legislation, executive orders and government incentives – could solve the housing affordability crisis, but only 21% believe it actually will. Another 39% believe it is possible but won't happen anytime soon.

Home equity may offer homeowners a solution, says Micheletti. American homeowners now hold more than $30 trillion in home equity, averaging about $300,000 for mortgaged homes. Sixty percent of survey respondents say that having the option to leverage home equity provides an extra level of financial security, yet nearly half (46%) don't even know how much equity they have built up in their homes.

"Looking at home equity as a smart financial tool – wealth that can be accessed today – can offer a way for homeowners to navigate financial challenges," states Micheletti. "And a way to access that home equity without the worries of a monthly payment – the home equity agreement – can be an ideal option for many to gain access to significant funds that will help ease finances and plan for the future they envision."

Methodology: Unlock commissioned Atomik Research to conduct an online survey of 2,003 homeowners throughout the United States Jan. 24-30, 2026. The margin of error is +/- 2 percentage points with a confidence level of 95%. Atomik Research, part of 4mediagroup, is a creative market research agency.