Want to quantify and prioritize your focus on the acquisition of smart home technology? This survey did... leading to a very strong case if your home buyer base is Millennials.
Millennials are known for having very specific interests. They also hold a significant level of buying power in certain markets, particularly technology and renting. Understanding the way that millennials react to certain tech trends will give a hint into the future of technology.
Right now, they are interested in smart home technology.
Real Estate Studies Point to Smart Home Tech
It’s not really a surprise that millennials want smart home technology, but a recent survey conducted by Wakefield Research has confirmed it. Their findings showed that 86 percent of millennials are willing to pay more for a home or rental property if it has smart home technology.
In fact, millennials are willing to pay an average of 20 percent more a month in order to secure a home with smart technology. They like electronic access, keyless locks, interconnected doorbells, mobile-controlled security systems, voice-activated assistants, and so much more.
Wakefield Research also asked baby boomers to share their thoughts on smart homes. This group of 65+ citizens was the largest generation in the United States for decades, and they’ve long held the most buying power, especially with major purchases like real estate. About 65 percent of baby boomers said that they would pay more for smart tech in their homes. It’s significantly less than 86 percent, but still a good chunk of the home buying and selling population.
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