In China, energy efficiency retrofit of residential buildings is entering a new stage in which homeowners are the main subject. In order to investigate homeowners’ willingness to invest and to analyze its influencing factors, interviews and a questionnaire survey were conducted in central Tianjin, China. The results show that homeowners have a certain willingness to invest in energy efficiency retrofit but that their willingness to pay (WTP) is far from enough to cover the total cost. Among the influencing factors, the homeowner’s age, education level, and retrofit experience as well as the age and floor area of their home are significantly related to their WTP. The reasons for the impact of these factors are further discussed, including the influences of China’s previous housing policies and retrofit policies. Policy recommendations to promote investment by homeowners are suggested based on the findings.