The Pandemic Has Dramatically Increased the Trend Toward Smart Homes
A new Realtor.com survey has determined that the pandemic is serving to motivate people to demand smart features in their homes. With many folks confined to their homes for health reasons or because their jobs can be executed remotely, more and more people are seeking to upgrade or purchase new homes which are offering many smart features. The survey suggests that 25% of respondents stated that they now have more interest in smart home features. And the younger the respondents were, the more interest they expressed in smart technology, with those aged 18-34 expressing this preference at the 37% level.
Also, 41% of all respondents said that they have purchased at least one smart home device since the start of the pandemic. Overall, 57% said they already have smart technology on their homes ( including 61% of those aged 18-34).
The most popular smart products currently owned in descending order are smart TVs, smart home speakers, smart doorbells, robot vacuums, and climate control/thermostat systems.
Realtor.com Senior Economist, George Ratiu, said, “The survey results show that many Americans, and especially younger people, are leveraging smart home technology to enhance their quality of life, even more so now that most of us reshaped our homes into live, work, learn, and play spaces.” Ratiu adds, “In a year defined by a global pandemic with civil unrest and economic volatility, it’s not surprising that people are prioritizing the safety and security of their home, their finances, and having a comfortable place to relax and unwind.
When asked to select one smart home feature to add to their home, a high-tech security system ranked first. When asked which smart home feature would make a home more desirable, the two most popular responses were a smart doorbell with camera and, once again, a high-tech security system. Respondents indicated that they would pay more for homes with these features.
Other feature that respondents showed serious interest in were green, energy efficient homes, solar roof tiles and panels. These features, respondents believe, would also show a good return on investment.
A recent survey by The National Center for Biotechnology Information (a branch of the National Institute of health – NIH) found that New York State residents in lockdown due to the pandemic are willing to pay more for home energy management systems. This makes sense because people who are at home much more often during the pandemic will necessarily see higher electric and heat bills. Hence, efficient energy systems are a partial solution, leading to lower bills.
And new research from December of 2020 by Parks Associates found that “one third of smart device owners in US broadband households have increased usage of their devices during the Covid-19 pandemic …”
Builders and residential property investors are surely taking these new and powerful date points into account going forward.
Finally, it is important to note that the move toward smart homes was already well underway before the pandemic began. The pandemic has served to dramatically increase the public interest.