According to new research commissioned by smart home software and hardware brand Wink, 34% of Americans believe it would cost $5,000 or more to turn their home into a smart home. It's a stark contrast from Wink's real world user data: According to the 2.3 million products connected to their platform, the average person starts with just 4 smart devices, and spends about $200.
Aside from the cost misconception, a few other key insights rose to the top. For example, the adoption rate disparities across gender lines and income lines have almost disappeared. 43% of connected device buyers are now women, and 20% of all households with income under $50,000 per year have purchased a connected product.
Of those that did purchase a smart home device, energy savings was the most frequently cited reason for doing so, followed by security. Only 33% of buyers expressed a desire to monitor or control their homes while away.
Finally, Harris surveyed renters and found that 36% of them would pay an average of 5% more in rent each month for an apartment with smart home features. In cities like New York and San Francisco, that could add up to thousands of extra dollars annually.