Roughly one in six Texans are not just buying homes for themselves.
The 2020 Profile of Texas Homebuyers and Sellers says 16% of Texas homebuyers bought a home between July 2018 and June 2019 for a multigenerational family. That is higher than the 12% nationally who bought a home during that time to live with aging parents or children over 18.
Multigenerational households have been steadily increasing for the last 40 years, says Pew Research Center Senior Demographer Jeffrey Passel. “The largest increases in the share living in multigenerational households have occurred among Hispanic and Asian households,” he says. “The most rapid increases in recent years have occurred among younger adults. Since the beginning of the pandemic, there has been a rapid increase in the share of 18- to 29-year-olds living with their parents, surpassing 50% for the first time since the Great Depression.”
Understanding if buyers will be living with multiple generations in the house now or potentially in the future can help your clients narrow search options. For seller clients, you can market to multigenerational buyers by promoting useful features such as bedrooms with attached baths, separate entrances, or a second kitchen area.