More than a quarter of Americans have smart home products and they report that the devices save them an average of 30 minutes a day and more than $1,000 per year, according to a new report by Coldwell Banker and CNET.
Adoption of smart home products is even higher among millennials, with more than half embracing the technology. Additionally, parents of young children are twice as likely to have installed smart home products than non-parents.
“Smart home technology is catching on because it is literally changing the way we live in our homes,” Coldwell Banker Chief Marketing Officer Sean Blankenship said in a statement. “Not only is it shifting the financial perception of the home, but it is also transforming our emotional connection to our homes.”
More than eight in 10 of those surveyed said they’d be more likely to buy a home if it included smart technology like connected lights, thermostats or security systems. Nearly three-quarters said that smart home products provide peace of mind when it comes to home security.
Those numbers are expected to grow as technology gets better and cheaper, and millennials start purchasing and upgrading homes in larger numbers. A 2013 report by the Organization for Economic Co-Operation and development found that a four-person family had about 10 connected devices, but projected that number to grow to about 25 in five years and as many as 50 in 10 years.
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