As the U.S. demographic profile undergoes significant changes which are expected to accelerate, smart home technologies can make aging in place a safer and more viable option for older adults, according to Nadia Evangelou, senior economist and director of forecasting for the National Association of Realtors. In NAR's Economists' Outlook blog, Evangelou cites the number of households age 65 and older increased by 38% between 2010 and 2020, while households below age 65 rose by just 1%. By the year 2030, all baby boomers will be older than 65, boosting the number of older adults in the country.
Evangelou notes demographics vary by area. According to U.S. Census data, in Alaska, the number of households age 65 and over rose more than 80% in the last decade. In Delaware, Nevada, Arizona, and Idaho senior households are increasing by 60% on average. In Florida, Hawaii, and West Virginia more than 33% of the households are 65 years old and older.
Smart home technologies and related services can help older adults make their daily tasks easier and improve their overall quality of life, writes Evangelou. "Smart home technologies have the potential to play a significant role in enabling older people to age in place."
A study by The Hartford and the MIT AgeLab found 51% of homeowners ages 50 and older already had smart home technology or were interested in getting it. For these homeowners safety and security (49 percent), saving energy (47 percent), and making day-to-day life easy and convenient (33 percent) are the top benefits of this type of technology. The study indicates the top 10 smart technologies for adults are smart smoke and carbon monoxide detectors, wireless doorbell cameras, keyless entry, automatic lighting, smart water shutoff valves, smart home security systems, smart outlets/plugs, smart thermostats, water and/or mold monitoring sensors, and smart window blinds. Technology has expanded to include customized smart beds, smart fall detection systems lights, heating systems and other devices that can be managed from a smartphone.
Brett Caviness, president of the Silicon Valley Association of Realtors, says smart home features that offer convenience, security, and energy efficiency can appeal to buyers of all ages, and even more so as they age. "As consumers age, they become savvier about finding easier and more efficient ways to manage their life between work and spending quality time with family and friends."
The 2021 National Association of Realtors' Home Buyers and Sellers Survey found 20% of the homebuyers purchased a new home instead of a previously owned home because of the smart home features and green/energy efficiency. Caviness says buyers would likely be motivated to pay more for a home with smart technology features.
"Agents are in a position to assist their clients in their search for homes that include smart home technologies according to their preferences and demographics," says Caviness. "Younger buyers would likely pay more for homes with electronic access, keyless locks, mobile-controlled security systems, voice-activated assistants, home theaters, and kitchens with automated smart home technologies. Smart-home technologies that focus on security, easy maintenance and energy efficiency, like solar roof tiles, smart doorbells and security systems would appeal to older buyers ages 55 and over."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.