A millennial myself, I’ve found my new home slowly but surely coming alive with IoT technology. Recent data points to millennials as the hottest group of upcoming homebuyers, and interest in smart homes is increasing with the advent of new and intriguing smart home products. In fact, 43% of Americans with smart home integration are millennials, and many are willing to pay above and beyond for homes outfitted with smart technology.
Specifically, 72% of millennials are willing to pay $1,500 or more, and 44% are willing to pay $3,000 or more for smart home integration. 74% of millennials report that technology makes their lives easier, which coincides with the fact that products offering convenience, such as home entertainment systems, are of interest to this generation.
Interestingly, the inclination to obtain (or inherit) smart home products similarly holds true for millennial renters, with 86% indicating their willingness to pay additional rent for units equipped with controlled devices or automated features. Furthermore, nearly half (44%) say they’d be willing to forego a parking space for an apartment that includes smart home upgrades.
Roughly 1 in 4 millennials have installed smart home products, and growth is imminent; 40% of millennials cite awareness and interest in smart home integration in the future. Smart home device manufacturers would benefit by offering education pertaining to the breadth of current products available, associated ease of use, and the fundamental home value and design appeal offered by IoT integration.