Do More Millennial Homeowners Equate to More Smart Homes?
The Millennial generation is now starting to have families and “settle down.” There are more and more Millennials becoming homeowners. Yet, there is still a divide on whether these homeowners are leaning towards smart homes.
The older segment of the millennial generation, those ages 27-36, are more keen on smart homes. The younger half is less sold on “smart.” They are focused on favorable environmental lending. They are more conscious and concerned about privacy with their devices and homes. Not only that, but it is pricey to equip a smart home. The young people are closer to the college loan payment issue than their older cohorts, too. Overall, the young Millennials are not looking towards smart homes as much as they are looking for an environmentally-friendly living situation.
However, smart homes are not going away. In fact, as technology improves along with security and privacy innovations and integrations, 72% of Millennials said they would be willing to pay $1,500 more for a smart home and 42% said they would pay as much as $3,000 more.