MADISON, N.J—Question: Who is most willing to spend money on smart home technology?
Answer: The Millennials, those consumers born between 1982 and 2000. That’s according to a recent survey conducted by ERA Real Estate and HGTV.
Overall, 2,437 consumers participated in the survey this past August.
Forty-six percent of the respondents said they believe it is important that their current home or the next home they buy be equipped with smart home technology; 51 percent said they would consider installing such technology to make their house have a higher resale value.
Millennials were 10 times more likely than Gen Xers, those born after post-WWII Baby Boomers, to make the smart home investment, the survey showed.
"While still a growing trend, smart home enhancements have the potential to increase savings, safety and resale value," Charlie Young, president and CEO of ERA Real Estate, said in a prepared statement. "As we have seen through this survey and (through) 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."
Mobile technology and control are rising to the top, particularly with Millennials, the survey found. Seven in 10 Millennials believe it is important that smart home technology integrates with their smartphones.
Five in 10 survey respondents 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, the survey said.
For more findings from the survey, go here.