A survey of U.S. adults by Coldwell Banker Real Estate t and CNET, an online source of consumer technology news, found that Americans are already embracing the smart home with 28% 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, Coldwell Banker's chief marketing officer. "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," Blankenship added. "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% 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 trend will only grow as millennials start to represent a larger share of homeowners.
The Coldwell Banker/CNET survey of approximately 4,000 Americans analyzed trends and insights related to smart home technology. They said smart homes save money, time and provide peace of mind.
The survey also found that Americans are adopting and strongly valuing smart home technology. In fact, 91% of those who currently own smart home products would recommend the technology.
Other findings included:
87% say the technology makes their lives easier.
More than half (57%) 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 (45)% of Americans say that, on average, their smart home technology saves them over $1,100 a year.
72% say smart home products provide them with peace of mind when it comes to home security.
The survey also found that parents are twice as likely to adopt smart technology. Parents with children under age 18 are almost twice as likely to have smart home products (42% of those with children vs. 23% of those with no children).
Other parental findings:
Parents were also more likely to have made their home "smart" when they moved in (68% of those with children vs. 50% of those with no children).
Security is top of mind for those with kids. Seventy-eight (78)% of parents say that smart home products provide peace of mind, while only 68% of those without children agreed with the statement.
Among all respondents, 59% of parents said they'd be willing to pay more for a home with smart home technology installed. This is significantly higher than the 47% of those without children.
The smartphone is the remote control for smart homes. Seventy-six (76)% of those with smart home products control them with a mobile device.
The living room is the "smartest."
When asked which rooms benefit from smart home technology, over half (51%) cited the living room, followed by the bedroom (45%), family / rec room (35%), kitchen (30%) and dining room (21%).
Cost and savings are key to smart home purchasing decisions. Of those who do not have smart home products, 44% said they would consider purchasing the technology if it cost less, while 42% said they would consider purchasing if it would save them at least $500 yearly on utility bills and household expenses.
"From the living room to the yard, consumers are embracing smart home technology," said Lindsey Turrentine, editor-in-chief of CNET.com. "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."
Danny Hertzberg, a sales associate affiliated with Coldwell Banker Residential Brokerage, agreed.
"Today's buyers are expecting smart home technology," Hertzberg said. "It's no longer just an add-in.
"I'm seeing first-hand how home buyers are requesting and favoring homes with smart features, such as automated lighting and temperature control. Smart home technology is also influencing the home selling process. In addition to de-cluttering a home, sellers are upgrading to smart home technology to attract modern buyers.
"Consumers are truly seeing the convenience and benefits of these products, understanding how smart home technology makes the home more comfortable, convenient and energy-efficient."