According to a survey conducted by ERA Real Estate and HGTV, nearly half (46 percent) of consumers believe it is important that their current home or next home they purchase be equipped with smart home technology. Not only do they see the value in smart home technology for their own benefit (e.g., comfort, safety, cost-savings), but consumers also see the impact it serves for resale—more than half (51 percent) would consider installing smart home technology in their home to make it more appealing to future homebuyers. The most willing to spend of all the generations? Millennials. Despite their younger age, they were 10 times more likely than Generation Xers to consider the update.
“While still a growing trend, smart home enhancements have the potential to increase savings, safety and re-sale value,” explains Charlie Young, president and CEO of ERA Real Estate. “As we have seen through this survey and our one-on-one interactions with buyers and sellers, a smart home is one that is well-positioned for the future and aligns with a growing reliance on mobile technology.”
The national consumer survey also found that mobile technology and control are rising to the top, particularly with Millennials. Seven in 10 Millennials believe it is important that smart home technology integrates with their smartphone, underscoring the generation’s preference for mobile-savvy apps and brands.
Though the pioneers of the smart home space were home security system providers, only 5 in 10 Americans reported having a security system in their current home. Demonstrating consumers’ practical preferences, the most commonly found technologies were those that could help homeowners save money, including automated climate control, energy management, remote home monitoring and lighting control systems.
Additional findings include:
- Green-Minded Millennials: Nearly half of Millennials have energy management technology in their homes, compared to just one-third of Gen X and Baby Boomers.
- Security Systems – A Thing of the Past?: Baby Boomers are most likely to have a security system in their home than any other age group surveyed (60 percent of them do).
- Mood Lighting over Mood Music: Consumers value smart lighting over a smart home audio system.
- Comfort is Key: Consumers of all ages agree they would automate their thermostats before their lighting or security systems.
- TV Over Security?: 1 in 10 Americans would choose to automate their TV over their lighting or security systems.
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For more information, visit www.era.com.