Despite the explosive growth of the home security industry, millions of homes across the U.S. remain unprotected by security systems. One of the more common reasons homeowners cite for not investing in security technology is cost. But is home security really as expensive as most people think?
Vivint, a household name in home security and automation, wanted to know. They conducted a survey back in 2023 and learned some interesting things about consumer perception versus actual cost. In short, most consumers overestimate how much it costs to purchase a decent security system.
Why Consumers Invest in Security
Before looking at the Vivint survey more closely, it might be interesting to know why millions of consumers have already invested in home security. According to a 2024 Consumer Affairs report, here are five commonly cited reasons:
- Protecting a home, its inhabitants, and personal property
- Deterring burglars and vandals with visible equipment and signage
- Scoring a discount on homeowner’s insurance
- Being able to remotely monitor the home via security cameras
- Being able to pair security devices with home automation
It is clear that there are many valid reasons for putting money into a home security system. Yet for some homeowners, the perceived cost of doing so outweighs the perceived benefits. That brings us back to the 2023 Vivint survey.
What the Survey Found
The survey revealed a lot of interesting things about consumer perceptions, not the least of which is the tendency to overestimate the cost of home security. Vivint asked survey respondents about ten types of security devices and the perceived costs.
It turns out that 78% of the respondents overestimated what they would pay for exterior cameras. Here are a few other devices and the number of consumers overestimating their prices:
- Interior cameras: 91%
- Motion-sensitive lighting: 72%
- Garage door control: 46%
- Window sensors: 25%
- Door sensors: 2%
The only item on the Vivint list that customers did not overestimate was the smart lock. In fact, most people underestimated the smart lock’s price tag. Everything else on the list was more expensive in the minds of consumers than reality dictates. So what does this mean?
Cutting Other Things From the Budget
Vivint’s survey also asked respondents what they would be willing to cut from their budgets if money became tight. Streaming service was at the very top of the list. Survey respondents said they would be willing to give up Disney+, Apple TV, and Netflix to ease pressure on the family budget. Other things they would cut include:
- Makeup
- Daily coffee
- Music streaming (like Spotify)
- Amazon Prime membership
- Wholesale store membership
Of the ten items on the cut list, home security ranked last. Homeowners with home security would cut nine other things before they would even consider cuts to the home security budget. That tells you how valuable home security is to those who already have it.
No Turning Back
I count myself among the group of consumers who originally thought home security was too expensive to invest in. But I took the plunge with a basic DIY system I built myself and suddenly realized I had not spent as much as I anticipated. Years later, I now feel that the cost of home security – which has increased a bit since I first started – is worthwhile given what I get in return.
Keeping myself and my family secure is more important to me than video and music streaming, dining at restaurants, and so many other things. If I ever need to tighten the belt, home security will be among the last things I cut.