Smart home consumer devices like home theatres, music players, voice-based assistants, smart lighting, and security cameras have widely adopted the Internet of Things (IoT). These devices pose a significant security risk to consumers because the devices are exposed to mobile applications and cloud-based services with known security vulnerabilities. IoT technologies also introduce additional vulnerabilities specific to smart home architectures. Most current home consumer devices provide little or no information about the level of security they afford. Since most consumers are not tech-savvy, it is currently difficult for a consumer to make an informed decision about which consumer device model (e.g., which smart television model?) has the best security. Hence, consumers need an objective security ranking of each type (e.g., security cameras) of home consumer devices. This paper proposes a novel methodology to systematically build such security rankings for home consumer devices. The proposed methodology can be applied by utilizing data from any security assessment study. The paper discusses previous efforts in applying Analytic Hierarchy Process (AHP) to rank security risks in general. The paper also presents a systematic survey of security vulnerabilities of smart home consumer devices when viewed from an IoT lens. Using the proposed methodology, a case study where an AHP model for ranking commonly used home consumer devices including home theatres, security cameras, smart lighting, smart speakers, video surveillance, smart switches, home automation systems, home security systems, smart routers, wireless doorbell cameras, and home audio systems, was developed. Relative security rankings for each type of consumer device were derived from the AHP model. According to the AHP model, network security was the primary driver of smart home device security with a priority of 0.6893 while application security had the least priority of 0.0591. Critical Vulnerabilities were the most important for device security (priority=0.4397), Man-in-The-Middle attacks for network security (priority=0.2019), exploitable services for cloud security (priority=0.26), and sensitive data for application security (0.7626). The AHP model was internally consistent (Consistency Ratio < 0.1). Sensitivity analysis showed that the AHP model was robust against pairing assumptions.INDEX TERMS AHP, consumer applications, cloud computing, home consumer devices, Internet of Things, network security, smart home.