IoT devices are used frequently in smart homes. To better understand how users perceive the security of IoT devices in their smart homes, a model was developed and tested with multiple linear regression. A total of 306 participants participated in the survey with measurement items, out of which 121 had already been using IoT devices in their smart homes. The results show that users’ awareness of data breaches, ransomware attacks, personal information access breaches, and device vulnerabilities have an effect on IoT security importance. On the other hand, users often do not check their security settings and feel safe while using IoT devices. This paper provides an overview of users’ perception of security while using IoT devices, and can help developers build better devices and help raise awareness of security among users.