Millennials. The newest Real Estate Buyers. Preceded by baby boomers and Generation X, the millennial generation, born approximately between 1980 and 1995, comprise a quarter of the world’s population. That’s 1.7 billion people worldwide and 90 million in the U.S. alone. They are the largest generation in history!
That’s a lot of people who thrive on social connection, fully embrace technology, are highly educated, and tend to do things their way. They have the potential to largely impact all facets of our society. And in many cases they already are changing the way businesses are run, money is spent, people interact—and technology plays a large role in all of this.
In reality, millennials are the first generation to have been raised on technology. It has always been part of their lives, so it only makes sense that it continues to factor in heavily and influence how they work, interact with others, travel, shop, conduct business, and live and function in and around their homes.
Today’s millennials are slowly becoming homeowners, and those homeowners are turning to home security systems to include the smart home technology they crave. In fact, there’s evidence that millennial homeowners are increasingly using smart home devices – and if they aren’t using it, they’re looking forward to learning how they can. Here are some interesting millennial statistics:
· 41% of millennials surveyed state that they are aware of and interested in owning smart home products (source: Inman).
· 86% of millennials would be interested in renting a home if it were already outfitted with smart home technology, as opposed to buying one that isn’t (source: Curbed).
While modern home security is a more proactive way to detect and respond to a wide range of threats and issues to the home, it is also a more advanced way to save energy, pay less for home utilities, and manage a household – all of which matter to millennial's. When an integrated smart thermostat is included, young homeowners can conserve energy for a greener lifestyle and pay less for electricity and gas.
With the new technology on the market today, millennials can arm and disarm their systems from their smartphones rather than take time to punch the wall keypad before leaving. They can also turn lights on and off, open and close garage doors and check on their security cameras entirely from their phones. For a generation that places a premium on convenience, these are valuable perks.
Millennials and Generation X are a large portion of today’s real estate buyers, and the of smart home technology has never been more important. If you’re looking to sell your home in today’s market, you should definitely check out some of the newest smart home technology. Don’t brush it off as a fading trend- it may be the one thing that makes your home stand out from the rest!
For more information on real estate trends, please visit: voncannonrealestate.com