Exploring Multifamily Housing Options in North Texas

A growing number of those who are looking for a home are interested in renting or purchasing a multifamily home. For some, this trend began after the housing bubble burst and individuals were left with no choice but to live with other family members in order to make ends meet.

Even as the economy levels out and as housing markets begin to stabilize, many have found that there are many benefits to multifamily housing arrangements. Due to the great demand for this type of housing, there are many different options available for those who wish to go this route.

Here is a look at the various types of multifamily housing available.

Multifamily Apartments and Condos

The Census Bureau and the Department of Housing and Urban Development report that one in five Americans lives in a multifamily rental property, with most of these rentals being apartments. Apartments are typically owned by one person or company with each of its units rented out to different people. While apartments have traditionally been among the most affordable types of housing available, rental costs throughout the country have continued to remain high due to high demand.

Condos are another option for multifamily housing. Unlike apartments, each unit within a condo community is individually owned. The common space and amenities, such as swimming pools or fitness facilities, are jointly owned by everyone living in the condo community. Condos offer the same low-maintenance benefits of apartments while also providing residents with ownership.

Some apartments and condos are located within age-restricted communities, which typically restrict residency to only those who are 55-years-old or older. These communities generally offer social clubs, fitness classes and other activities overseen by a lifestyle director. They are also typically built near public transit stops, medical facilities or local universities for residents to enjoy.

Multifamily Houses and Mixed-Use Communities

In addition to apartments and condos, a growing number of houses are being built with multifamily living in mind. These homes tend to offer a greater number of bedrooms and bathrooms in order to provide all family members with a certain amount of privacy. They also typically boast multigenerational features, such as accessible stairs and bathtubs for the older members of the family.

Oftentimes, multigenerational apartments, condos and houses are located within a mixed-use community. A mixed-use community is one that combines residential, retail, commercial, entertainment and cultural spaces in one area. This means the home may be located right next to a grocery store, office buildings or other conveniences, thereby making it easier for residents to complete day-to-day tasks or to enjoy local entertainment.

The Department of Housing and Urban Development reports that there are approximately 32.6 million residences in the United States that are multifamily, accounting for 24.6 percent of available housing.

If you are interested in learning more about the Dallas home options, contact our team of knowledgeable real estate professionals today.

Check out these Dallas homes priced from $400,000 to $500,000