Millennials Are Delaying Home Purchases But Want Smart Homes

Millennials Are Delaying Home Purchases But Want Smart Homes

According to a report by the National Association of Realtors, millennials are the largest generation in the housing market, but in comparison to older generations, they are delayed in purchasing their first homes.

When they are ready to take the plunge, millennials are particularly interested in smart technology. In fact, in 2015, 41 percent of millennials were aware of and interested in owning smart home products – focusing primarily on connected security and monitoring devices, smart lighting, power and appliances.

LiftMaster, a manufacturer of professionally installed garage door openers recommends first-time millennial homebuyers pay attention to the following when beginning their search:

  • Access: Millennials use their phones for more than just communicating. They use them to buy coffee, book exercise classes and directly pay friends and family. Access to the garage should be no different, and with a LiftMaster Garage Door Opener and LiftMaster's free MyQ® app, homeowners can control entry to the home through their smartphones. "LiftMaster understands the needs of millennials and their desire to be connected to everything that affects their world," said John Villanueva, Vice President of Marketing at LiftMaster. "Through the MyQ app, they can open, close and monitor their garage door from anywhere in the world, at any time, from any internet-enabled smartphone, tablet or computer."
  • Security and Safety: More than 70 percent of homeowners use the garage as the main access point to the home, making safety and security a top priority when selecting the right home. Through LiftMaster's partnership with Nest Cam, homeowners can have an added security element. While MyQ alerts users of garage door activity via smart phone push notifications, with Nest Cam, users can also access a video feed of what's happening in the garage the moment the garage door is activated, allowing for enhanced security and peace-of-mind. Garage safety is also vital – when viewing a potential home or during home inspection, millennials should ensure the garage functions securely and safely. LiftMaster has developed a simple 3-Step Safety Check, which can tell a perspective homeowner whether a garage is safe or not, in just a few minutes. If the garage door opener fails any of the three steps, it should be replaced.
  • Home Control: A connected garage is an easy way to make any home a "smart home." When looking to purchase a home, millennials should examine the capabilities of the garage door opener. Is it Wi-Fi capable? Is it compatible with technology that controls the lights or thermostat? If not, consider asking the seller to replace the garage door opener with one that is, such as LiftMaster's 8550W Elite Series, which comes fully equipped with built-in Wi-Fi and enables homeowners to adjust certain settings within their home from the MyQ app or integrate with other home automation systems.

Read more about smart and connected homes.



Topics: Appliances, Connected Homes / Smart Homes, Consultants, Kitchen, Sustainability Trends & Statistics

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