A new report from Bank of America reveals a shift in homeowner behavior. Many are choosing to renovate their current homes instead of moving to a new one. This decision is largely driven by financial considerations, including low mortgage rates and affordability.

The report found that over a quarter of homeowners are using funds initially set aside for a new home to renovate their existing one. Further details on this trend are available from the source. Homeowners may be experiencing similar motivations, but specific local data is not provided in the report.

For more information on the Bank of America report and its findings, readers can consult the original source.