Vivint, a U.S. security and smart home company, launched its inaugural How We Home Report. The newly-conducted research unveils how the home, including what’s inside it and how its inhabitants interact with it, has evolved over the past five years, driving new needs and preferences among homeowners. 

Today, homeowners expect their living spaces to perform a variety of functions beyond rest and relaxation. More than 1 in 4 (27%) currently work from home, more than 2 in 5 (41%) also use their home as a gym space and nearly half (48%) regularly host friends and social gatherings. To meet their diverse and growing demands, 85% of homeowners have at least one smart device in their homes today, with 61% purchasing one to three smart devices in the past 12 months and more than half (55%) planning to purchase new smart devices over the next 12 months.

“As homeowners become more digitally engaged and conscious of what is available in the market, smart home expectations are shifting as quickly as the technology that underpins them,” said Jim Nye, chief product officer, Vivint. “While priorities are constantly evolving, our research shows others remain unchanged: the desire for connected, intuitive, affordable smart solutions that keep homes — and what matters most within them — safe and secure.” 

The top 10 most commonly-owned smart devices include smart TV or streaming hub, smart speaker / voice assistant, smart doorbell, outdoor security camera, smart thermostat, indoor security camera, smart lighting, robot vacuum, smart plugs or outlets, and smart locks / keyless entry. 

When asked about the future of smart technology, homeowners report that they are the most excited about security and protection (37%). In fact, one in five specifically intend to purchase an outdoor security camera (20%) and/or a smart doorbell (19%) in the next 12 months. 

However, consumers have also expressed key areas of improvement, uncovered by their versatile needs and increasingly busy everyday lives:

• Convenience: Technology brings the expectation of convenience, and this is heightened in the smart home arena. Among current homeowners, 22% believe there could be even more convenience, customization and personalization with their smart devices, and more than half (54%) report that ease of use and ease of installation / set up is a top consideration.
• Integration: The industry offers a wide variety of solutions, but this can feel overwhelming and disjointed experiences are a dealbreaker. Forty-one percent of homeowners who use smart devices do not actually consider their homes “smart,” 63% prefer to have all devices integrated in one platform or app, and, when asked what might prevent them from making a purchase, 20% say there are too many different apps or ecosystems, while 18% cite a lack of compatibility with their existing devices.
• Cost: Cost is top of mind for everyone. It ranks as the number one consideration for more than half (53%) of all homeowners, including smart home device users and non-users alike.

While homeowners are cognizant of their finances, energy management is emerging as an important factor — not only for the environment, but also as a vehicle to help manage their expenses. Seventy-seven percent of homeowners are interested in a smart home solution that provides holistic energy management and efficiency, as 59% report that their energy bills have increased in the past 12 months. Additionally, 32% say they look for energy efficiency, monitoring or reporting in their smart home solutions, while 40% of non-smart home users say that energy efficiency is a top consideration if they are purchasing a smart home device. 

“This study reveals a clear direction for smart home providers: offer devices that integrate together and create a level of personalization, convenience and accessibility that truly makes their daily lives much easier — not busier and not more cluttered,” said William Stovall, senior vice president of marketing, Vivint. “More than any other brand on the market, Vivint is uniquely positioned to deliver on this. Vivint products are professionally installed, seamlessly integrated on one central app, and now with NRG, we can incorporate energy management — an important element for homeowners looking to effectively monitor their energy usage and related costs.”

Amid growing needs, increasingly disjointed devices and rapidly rising costs, the smart home industry has reached a critical turning point. Consumers are more excited than ever about developments in the technology, and they are vocal about their preferences. They see the value in investing in top tier solutions, but only if those options can effortlessly meet and exceed their expectations. 

See the full report and additional findings online.