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: Of the company's 2.7 million users, the average person starts with just 4 smart devices, and spends about $200.
The information comes from a report Wink has dubbed their Smart Home Index, released today, in which more than 2,000 U.S. adults were surveyed by a team at Harris Poll.
20% of all households with income under $50,000 per year have purchased a connected product
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.
You can read the full report on the Wink blog.