For years, consumers have been promised that their homes will be connected and smart, integrating the latest technology to optimize and control lighting, heating, energy consumption, electronic devices, and security features.
However, the future has come a little slower than expected. By the end of 2017, it’s estimated that only 16.3% of Americans will live in a smart home, though this percentage will increase to 35.6% by 2021.
Examining the Smart Home Market
Today’s infographic comes from Insurance Quotes, and it helps to give an overview of the current market as well as the reasons for hesitation in the switch to smart homes.
The infographic also provides a future outlook, including the impending movement to “autonomous” smart homes.
In 2016, smart systems were installed in about 45% of all homes in the U.S. that got renovated.
However, they are far from ubiquitous yet – many consumers still have concerns that are holding the market back from reaching its full potential.
The largest hindrance to smart homes for now is cost, which is cited by 42% of consumers as an obstacle.
However, there is also evidence that a fear of devices being hacked is also a challenge for many wanting to adopt the technology – in fact, 17% prospective buyers cite privacy and security concerns as a top hindrance. Further, about 10% of consumers have already had smart home devices hacked, and 87% of them had to shell out money to solve the issue.
Paradoxically, even though technologically superior security systems are a top reason that homeowners want to have smarter homes in the first place, the vast majority of IT experts say that IoT apps such as those used at home are far harder to secure than regular mobile apps.
Autonomous Smart Homes
After smart homes, the next logical step is an autonomous smart home that can learn based on your habits and behaviors. Such a home would recognize you and other family members, adapting things like temperature, lighting, or recommendations to you automatically based on your lifestyle and activities.
For this to work – everything would need to be truly connected: your mattress would assess how you sleep, your alarm would connect to your coffee maker, and the morning lighting would be shifted to match your evolving preferences.
While there are many uncertainties about what an autonomous smart home would mean, the inevitability of their rise is clear.
Mapped: The Salary Needed to Buy a Home in 50 U.S. Metro Areas
The annual salary needed to buy a home in the U.S. ranges from $38k to $255k, depending on the metropolitan area you are looking in.
The Salary Needed to Buy a Home in 50 U.S. Metro Areas
Over the last year, home prices have risen in 49 of the biggest 50 metro areas in the United States.
At the same time, mortgage rates have hit seven-year highs, making things more expensive for any prospective home buyer.
With this context in mind, today’s map comes from HowMuch.net, and it shows the salary needed to buy a home in the 50 largest U.S. metro areas.
The Least and Most Expensive Metro Areas
As a reference point, the median home in the United States costs about $257,600, according to the National Association of Realtors.
|Median Home Price||Montly Payment (PITI)||Salary Needed|
With a 20% down payment and a 4.90% mortgage rate, and taking into account what’s needed to pay principal, interest, taxes, and insurance (PITI) on the home, it would mean a prospective buyer would need to have $61,453.51 in salary to afford such a purchase.
However, based on your frame of reference, this national estimate may seem extremely low or quite high. That’s because the salary required to buy in different major cities in the U.S. can fall anywhere between $37,659 to $254,835.
The 10 Cheapest Metro Areas
Here are the cheapest metro areas in the U.S., based on data and calculations from HSH.com:
|Rank||Metro Area||Median Home Price||Monthly Payment (PITI)||Salary Needed|
After the dust settles, Pittsburgh ranks as the cheapest metro area in the U.S. to buy a home. According to these calculations, buying a median home in Pittsburgh – which includes the surrounding metro area – requires an annual income of less than $40,000 to buy.
Just missing the list was Detroit, where a salary of $48,002.89 is needed.
The 10 Most Expensive Metro Areas
Now, here are the priciest markets in the country, also based on data from HSH.com:
|Rank||Metro Area||Median Home Price||Monthly Payment (PITI)||Salary Needed|
|#6||New York City||$403,900||$2,465.97||$105,684.33|
Topping the list of the most expensive metro areas are San Jose and San Francisco, which are both cities fueled by the economic boom in Silicon Valley. Meanwhile, two other major metro areas in California, Los Angeles and San Diego, are not far behind.
New York City only ranks in sixth here, though it is worth noting that the NYC metro area extends well beyond the five boroughs. It includes Newark, Jersey City, and many nearby counties as well.
As a final point, it’s worth mentioning that all cities here (with the exception of Denver) are in coastal states.
Notes on Calculations
Data on median home prices comes from the National Association of Realtors and is based on 2018 Q4 information, while national mortgage rate data is derived from weekly surveys by Freddie Mac and the Mortgage Bankers Association of America for 30-year fixed rate mortgages.
Calculations include tax and homeowners insurance costs to determine the annual salary it takes to afford the base cost of owning a home (principal, interest, property tax and homeowner’s insurance, or PITI) in the nation’s 50 largest metropolitan areas.
Standard 28% “front-end” debt ratios and a 20% down payments subtracted from the median-home-price data are used to arrive at these figures.
Upward Momentum: Charting a Year of Skyscraper Construction
Nearly 150 skyscrapers were completed around the world last year. Find out which cities and regions are growing skyward the fastest.
Ever since the first towering spires broke through the clouds in New York and Chicago, skyscrapers have remained a potent symbol of economic might.
The tallest buildings require vast amounts of materials, expertise, and capital to make them a reality, but the cities that add these landmarks to their skylines gain prestige and send a powerful message to competing economic centers.
Skyscraper Construction in 2018
Where are the most skyscrapers popping up? Let’s take a look at regional hot-spots around the world.
Note: For the purposes of this article, “skyscraper” will refer to buildings 656 feet (200 meters) or more in height.
China is Flying High
For well over two decades, China has led the world in skyscraper construction, and 2018 was no exception.
The country’s fixation on urban growth and continued economic success is producing tall buildings at a staggering rate. Last year, a mind-boggling 89 skyscrapers were completed in 28 different cities around China.
To put this building boom into perspective, China completed more skyscrapers in one year than New York City’s entire stock of 656ft and taller buildings.
In 2018, no city reached for the stars quite like Shenzhen. The city, which is a hub of China’s high-flying tech sector, now has the second-most skyscrapers in the world, surpassed only by Dubai.
Shenzhen isn’t just building a lot of skyscrapers, it’s building extremely tall ones too.
In 2017, for example, the ribbon was cut on the massive Ping An Finance Center, which is currently the 4th tallest building in the world. Last year alone, four new towers cracked the 1,000ft (300m) barrier.
While China’s scale is hard to beat, other cities in the region are also undergoing dramatic changes, particularly in Southeast Asia. Malaysia and Indonesia completed a combined 13 new skyscrapers, and the Vincom Landmark 81 was added to Ho Chi Minh City’s growing roster of unique skyscrapers.
While there are two skyscrapers under construction in Japan – one in Tokyo and one in Yokohama – none of them were completed last year.
A New Era of American Skyscrapers
After a two-decade lull in skyscraper construction, the United States is embracing taller buildings again. Last year alone, the U.S. added 14 new skyscrapers into the mix, particularly in New York City, where construction cranes dot the horizon. In the past decade, NYC has added 25 new skyscrapers to its iconic skyline.
This trend is showing no signs of slowing down. Between now and 2022, 44 skyscraper projects are expected to be completed in the United States, with the vast majority being built in the Big Apple.
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