27 percent of all homeowners in the United States have purchased an Internet of Things (IoT) device for their home, according to a new “smart home index” report.
Wink, a home automation platform for hardware and software, published the report earlier this month. It shows a growing interest in the U.S. for smart home devices, though customers are still worried about the overall cost to make their home smart.
A survey, conducted by Harris Poll, found that 71 percent of people wish they could monitor what is happening at home while they’re away. Home security was cited as the most important reason for in-home monitoring, followed by checking on pets and family members.
One of the reasons smart home technology is not more prevalent has to do with the perceived cost of installation. In the Wink report, 34 percent of respondents said it would cost $5,000 to make their home smart, nine percent said it would cost $20,000.
That is an extreme valuation, but it stems from the idea some consumers have that a smart home must be fully autonomous, or it is not that smart. In reality, a few smart devices can make a major difference on house valuation, security, and productivity.
Renters interested, too
Wink notes that the average user of its platform has spent $200 on four devices, and already has the benefits of a safer, more secure home. Even at the high-end of the smart home spectrum, $20,000 seems a bit steep for the devices currently on the market.
It is not just homeowners that are looking to make their home smart, renters are interested too. The Wink report said that 36 percent of renters would pay five percent more per month to have connected devices in the house. That would add $750 to annual rent nationwide.
Another advantage not considered by the report is insurance. Several home insurance firms have lowered prices for customers that own a Nest smoke detector and other smart home devices.