Home Security Systems and Home Assistants On The Rise

The share of renovating homeowners upgrading home security systems as part of their home renovations is quickly rising. Eighteen percent of renovating homeowners in 2018 upgraded security systems, compared with 15 percent in 2017 and 12 percent in 2016. Last year renovating homeowners spent a median of $500 — meaning that half of homeowners spent more and half spent less — on these security upgrades. 

 But despite the steady rise in popularity of home security systems, the most popular systems to upgrade as part of a home renovation in 2018 were plumbing and electrical systems, as the chart here shows. Meanwhile, the most expensive systems to upgrade as part of a home renovation last year were cooling systems, with a median spend amount of $4,000, and heating systems, with a median spend of $3,500.

 Overall, smart home products such as wireless door locks still appeal to only a niche group of homeowners who are renovating. But home assistants like Amazon Alexa and Google Home have much broader appeal. In fact, 25 percent of homeowners who renovated in 2018 purchased a home assistant as part of their renovations.

 Still, 1 in 7 homeowners who renovated in 2018 bought a smart home product that can be controlled and monitored from a mobile device or a computer, such as a smart light fixture, smart thermostat, smart alarm or smart detector.

Millennials are embracing security upgrades at a higher rate than baby boomers (24 percent versus 15 percent, respectively). They are also more likely to prioritize smart technology, such as smart thermostats. 

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