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Housing Watch: Big spike in home prices in Los Banos

LOS BANOS, California (KFSN) – Passengers looking for cheaper housing have long been attracted to Los Banos because of its direct access to Highway 152.

“It was an hour and 15 minutes to an hour and a half from here in Sunnyvale,” says Larry Vieyra.

Vieyra moved here five years ago. He wanted a nice house with space for relaxation – away from the exact area of ​​the bay.

“You could not touch a house like this for at least $ 2 million,” he said.

Another new neighborhood was coming up opposite. More than 400 licenses were approved last year to try to keep up with the city’s explosive growth.

Skyview 30 shows not only new construction but also additional space where more homes can be built in the future.

Los Banos Mayor Tom Faria says the average sale price of a home is up to $ 425,000 – too high for many who grew up here, but a bargain for people moving out of town.

“San Jose, Santa Clara, the whole of Silicon Valley, so it’s 85-90 miles,” he said.

Faria says more than 60% of Los Banos’s workforce is moving to Fresno and Stanislaus counties, but even more to the Bay Area.

“People can not afford a house there, so they move here and there of course, that puts pressure on this housing market,” he said. “But these wages will not support these prices and then these people will be forced to move.”

Residents with off-market prices have moved to cities like Chowchilla.

“You really need a family with two incomes to survive,” says Senior Planner Stacy Souza Elms.

Elms says the rapid growth of the city will not end soon.

“In the next decade, we will probably have about 75,000 people,” he said.

Rising housing prices are making the city want to build more affordable housing for large families so that more locals do not have to move.

It is a delicate balance.

“We want to maintain that identity,” Faria said. “This identity is a small town.”

Faria adds that Los Banos had a sign that read: “Where East comes West to stay”.

Now, it seems the West is coming to the East to stay.

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Housing Watch: Big spike in home prices in Los Banos Source link Housing Watch: Big spike in home prices in Los Banos

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