A survey of U.S. adults by Coldwell Banker Real Estate LLC and CNET found that Americans are already embracing the smart home with 28 percent owning at least one smart home product and almost half of millennials (ages 18 to 34) adopting the technology.
“Smart home technology is catching on because it is literally changing the way we live in our homes,” said Sean Blankenship, chief marketing officer for Coldwell Banker. “Not only is it shifting the financial perception of the home, but it’s also transforming our emotional connection to our homes. We have entered a transformative era. We believe that in three to five years, home buyers will expect smart home technology — it will become the new norm.”
Blankenship pointed to the fact that of those surveyed currently using smart home technology, 81 percent said they would be more likely to buy a home if smart technology, such as connected lighting, thermostats, remote-access security, and smart locks, was already installed. For Americans who currently don’t own smart home products, this provides an opportunity to make the move and adopt the technology. The smart home trend is expected to grow as millennials start to represent a larger share of homeowners.
Other findings of the survey include:
• Ninety-one percent of those who currently own smart home products would recommend the technology.
• Eighty-seven percent say the technology makes their lives easier.
• More than half (57 percent) of Americans who own smart home products say the technology saves them time and at an average of almost 30 minutes per day.
• The technology is saving owners of smart home products money. Forty-five percent say that, on average, their smart home technology saves them over $1,100 a year.
• Cost and savings are key to smart home purchasing decisions. Of those who do not have smart home products, 44 percent said they would consider purchasing the technology if it cost less, while 42 percent said they would consider purchasing if it would save them at least $500 yearly on utility bills and household expenses.
Lindsey Turrentine, editor-in-chief of CNET.com, said, “This market will continue to develop as the technology becomes even more mainstream. Our survey highlights the fact that this innovation has made its way into homes faster than many expected, and that once a homeowner tries a connected device, that person is ready to experiment with more smart products.”