Short answer. No. A person may constitute, or be the beneficiary of, only one family home. Owning two houses is perfectly lawful, but the exemption the chapter gives attaches to a single dwelling, and you have to choose which one it is.
What the law says
For purposes of availing of the benefits of a family home as provided for in this Chapter, a person may constitute, or be the beneficiary of, only one family home.
Family Code, Article 161 — Only One Family Home Per Person. Read the full provision →
One protection, not one property
The rule restricts the benefit, not your ownership. You may own as many houses as you can afford; what you cannot do is spread the family home exemption across them. The reason is plain enough from the purpose of the chapter, which is to keep a roof over a family, not to place a person's real estate portfolio beyond the reach of creditors. A rule allowing two homes would let anyone with means shelter twice as much, and the limit is drawn to stop exactly that.
Constitute or be the beneficiary of
Both verbs matter, and the second catches people out. You are limited not only in what you may constitute but in what you may be a beneficiary of. So a person already protected as a beneficiary of a family home constituted by someone else — a parent's house, for instance — cannot separately be covered by another. That makes the question a family-wide one rather than an individual one, since a household of several adults may be interested in the same single protection and cannot each hold one over a different property.
Which house should it be
The choice is generally the dwelling the family actually occupies as its residence, because a family home is a home in use rather than a designation on paper. Where a household genuinely divides its time, the sensible question is which house the family lives in, where the children go to school, where the household's life is centred. And since the exemption's practical value depends on the property's value and on what creditors could otherwise reach, the answer is not always the more expensive house.
Sort it out before a creditor asks
The awkward moment is when execution is attempted and the family claims exemption over one house while its own history points to the other. Look now at what each property is used for and how that use is documented — where you are registered as residing, where the utilities and the school records point, what the tax declarations say. Bring the titles for both properties and that record of use to a lawyer, and settle which house is the family home while the choice is still yours to make calmly.