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In North Texas, the number of multigenerational households, where three or more generations are living under one roof, has increased in the last 10 years. This trend, as reported by Axios Dallas, reflects broader national patterns that could impact the workforce and real estate markets across the U.S.
Based on U.S. Census Bureau data, the analysis reveals that the number of multigenerational households depends on the county. More specifically, Dallas and Kaufman reported in 2020 that nearly 10% of all households are multigenerational. This increase, part of a national rise from 5.1 million in 2010 to 6 million in 2020, is driven by factors like rising housing costs and the need for caregiving.
For the workforce, the data suggests that more workers are accepting a family-centric living arrangement, which could also influence work-life balance and job choices. The proximity to family support might help enable more individuals to participate in the workforce.
In terms of the real estate market, the demand for larger homes to accommodate multiple generations is a rising trend to look out for. This will likely contribute to new ideas in housing design and urban planning, focusing on creating spaces conducive to multigenerational living and flexible work arrangements. The real estate market may see a growing preference for homes with more bedrooms, larger communal areas, and adaptable workspaces that can serve the needs of a diverse age group.
Multigenerational living is a trend likely to persist in 2024, influenced by economic factors, cultural shifts, and rise of flexible work environments. It presents both opportunities and challenges for employers, policymakers, and the real estate industry.
Employers will likely need to adapt to the changing needs of a workforce increasingly involved in multigenerational living arrangements, and this may contribute to greater flexibility in the workplace. At the same time, real estate markets could respond to the evolving demand for homes that cater to these kinds of living arrangements by designing spaces for professional workspaces at home.
