• by Jack Loechner , Staff Writer @mp_research, January 11, 2016

According to the results of the Smart Home Marketplace Survey from Coldwell Banker Real Estate, The year 2020 has long been a benchmark for when the smart home will finally be mainstream, but that time comes sooner than originally thought.

The smart home is going mainstream fast - and the technology is addicting, says the report:

• 45% of all Americans either own smart home technology or plan to invest in it in 2016
• 27% of people who do not currently have smart home technology say they will incorporate it into their lives in 2016
• Of people who either have smart home technology or plan to buy it in 2016, 36% don't consider themselves early adopters of technology
• 70% of people with smart home technology said buying their first smart home product made them more likely to buy another one

According to “most” Americans in the survey, a home can be considered "smart" if it has smart security, temperature, lighting and safety. For a home for it to be considered "smart,” it should include:

• Locks and alarm systems - 63%
• Thermostats and fans - 63%
• Light bulbs and lighting systems - 58%
• Fire / carbon monoxide detectors and nightlights - 56%
• 76% of Americans think that having just one category of smart technology in your home isn't enough for it to be considered smart
• 60% of Americans think that a home needs to have at least three categories of smart products for it to be considered smart

Entertainment is the entry-way for smart home technology, says the report:

• The most popular type of smart home technology that people already own is smart entertainment, such as smart TVs and speaker systems; 44% of people with smart home technology own a smart entertainment product
• The next most popular types of smart home technology that people currently have installed in their home include smart security (31%) and smart temperature (30%)

The report says that smart home technology is no longer just for the young, affluent and educated.

• Older generations are adopting certain types of smart home technology faster than younger ones. 40% of those over 65 who own smart home products currently have smart temperature products, compared to only 25% of Millennials (ages 18 to 34)
• Americans with a household income of $50k to $75k and those with a household income of $75k to $100k are adopting smart home technology at nearly identical paces: 25% adoption for those in the $50k to $75k range and 26% adoption for those in the $75k to $100k cohort
• The same is true for people with only some college education and people who graduated from college: 26% versus 27%

The report notes that 54% of homeowners would purchase or install smart home products if they were selling their home and knew that doing so would make it sell faster.

• Of homeowners who said they'd purchase or install smart home products, 65% would pay $1,500 or more and 40% would pay $3,000 or more to make their home smart
• Of Millennial homeowners (ages 18 to 34) who would purchase or install smart home products, 72% would pay $1,500 or more and 44% would pay $3,000 or more to make their home smart

The survey polled more than 4,000 U.S. adults in advance of CES 2016, concluding that homeowners are willing to pay extra to "smart stage" their home as well as what Americans think when they hear "smart home." For the purposes of the survey, "smart home technology/products" were defined as products or tools that aid in controlling a home's functions such as lighting, temperature, security, safety, and entertainment, either remotely by a phone, tablet, computer or with a separate automatic system within the home itself.

For additional information from Coldwell Banker about the survey, please visit here.