Millennial Homeowners' Tech Adoption

Millennials and technology seem to go together like peanut butter and jelly. But not all Millennials want to live in a smart home just yet.

Older Millennials, aged 27 to 36 years old, have more readily adopted smart home technology -- 38 percent have bought smart homes or have installed the technology, and 58 percent are interested in doing so. Younger Millennials, however, are more concerned about privacy and security, and see the risks of having Internet of Things (IoT) devices in their homes, Forbes reports. As well, younger Millennials are more interested in having a healthy, sustainable home rather than a smart one. This group seeks products without chemicals, that enhance energy efficiency, and prize these qualities over the "cool" factor.

Smart homes are not going away. And as the technology improves, along with security innovations to provide greater security and privacy, they will prove to be a valuable resource for all consumers who are looking to be environmentally conscious and to lower the costs of their utility bills. In fact, a recent survey indicated that 72 percent of millennials would be willing to pay $1,500 more for a home that was “smart,” and 42 percent of those would be willing to pay as much as $3,000 more.

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