There are a number of indications in the suttas that you cannot remain in lay life as an arahant. For example, in the chapter on the leading disciples of the Buddha in the Anguttara ones, all the lay people listed are non-returners or stream-enterers. Also noticeable is that the category for “great wisdom” is altogether missing for lay people.

At AN2.132 you find the following: “Bhikkhus, a male lay follower endowed with faith, rightly aspiring, should aspire thus: ‘May I become like Citta the householder and Hatthaka of Āḷavī!’ This is the standard and criterion for my male lay disciples, that is, Citta the householder and Hatthaka of Āḷavī. … Bhikkhus, a female lay follower endowed with faith, rightly aspiring, should aspire thus: ‘May I become like the female lay followers Khujjuttarā and Veḷukaṇṭakī Nandamātā!’ This is the standard and criterion for my female lay disciples, that is, the female lay followers Khujjuttarā and Veḷukaṇṭakī Nandamātā.” All of these are non-returners. For the monks and nuns the people to be emulated are arahants.

But I am not sure how useful this discussion is. Let’s all become arahants and then see what happens. If you find you still want to be a lay person, then so be it. Otherwise you will be very welcome to join the Sangha!

As for lifestyle changes upon abandoning the five fetters, this is what the non-returner Ugga has to say: “I had four young wives. I then went to them and said: ‘Sisters, I have undertaken the training rules with celibacy as the fifth. If you want, you can enjoy wealth right here and do merits, or go back to your own family circle, or inform me if you want me to give you over to another man.’ My eldest wife then said to me: ‘Young sir, give me to such and such a man.’ I sent for that man, and with my left hand I took my wife, with my right hand I took the ceremonial vase, and I gave her to that man. But even while giving away my young wife, I don’t recall that any alteration took place in my mind. This is the third astounding and amazing quality found in me.”