ERA Real Estate, a developer of consumer-oriented products and services for the real estate industry, and HGTV came out with the results of their joint consumer survey Nov. 10 that found 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.
The survey was conducted from Aug. 12 to18, and a total of 2,437 consumers participated.
Not only do consumers 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. According to the survey, Millennials, despite their younger age, 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 resale value,” ERA Real Estate President and CEO Charlie Young said. “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 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.
Demonstrating consumers’ practical preferences, the survey showed that the most common home technologies in use today were those that could help homeowners save money, such as automated climate controls, energy management systems, remote home monitoring and lighting control systems.
Additional findings include:
- Nearly half of Millennials have energy management technology in their homes, compared with just one-third of Gen X and Baby Boomers.
- Baby Boomers are most likely to have a security system in their home than any other age group surveyed (60 percent).
- Consumers value smart lighting over a smart home audio system.
- Consumers of all ages agree they would automate their thermostats before their lighting or security systems.
- One in 10 Americans would choose to automate their TV over their lighting or security systems.