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Lathrop median home prices hit $421,700
lathrop housing

More than 50 percent of Lathrop’s households live in a dwelling with at least four bedrooms.

And when the standard, three-bedroom family home is factored into the equation, that number grows to almost 92 percent – showing just how much of the city is dominated by single family homes as opposed to apartments and other more affordable housing options that are currently in high demand across the State of California.

The housing breakdown, which was included as part of the report for the housing element that was prepared for the City of Lathrop’s first ever general plan update, shows a unique snapshot of a growing community that has thousands of homes already approved for construction.

According to that report, in August of this year the city had almost 70 homes for sale, and with the exception of six of those homes that were available for less than $100,000, none of the others could be purchased for less than $300,000.

The largest of the categories that the report highlights were homes in the $400,000 to $499,999 range, of which there were 31 available to purchase as of August – or 43.1 percent of the total stock available. But the most-expensive category – homes above $500,000 – was not that far behind with 24 homes for sale, or 33.3 percent of the available stock.

In fact, in the last 10 years, the median home price in Lathrop has more than doubled from $176,200 in September of 2009 up to $421,700 as of this past June – a dip from the high of $465,500 at the end of last year.

And rental costs, according to the data compiled by the city’s consultant, aren’t getting any cheaper either. More than 53 percent of the city’s available rental properties now cost $1,500-a-month or more, and of the number of homes available for rent at the time the survey was completed, there were more than 30 percent more homes that were four bedrooms or more available than any other option.
And the going rate for those rental properties, according to the survey? Between $2,095 and $3,650.

The housing element – which is just one of the elements adopted as part of the general plan, which will shape the City of Lathrop’s growth as it moves forward as a steering document for both the planning commission and the city council – also spells out the regional housing needs allocation amounts as determined by the San Joaquin Council of Governments, and so far Lathrop has only met about 30 percent of it’s 10-year obligation.

The RHNA outlines that Lathrop needs to construct 526 extremely low-income houses, 493 very low-income houses, 759 low income houses, 957 moderate income houses, and 2,421 above moderate income houses by 2023 in order to meet the needs set forth by the agency. So far, Lathrop has constructed 1,571 above moderate income houses with 197 in the planning stages, and 29 moderate income houses. There have been no low, very low, or extremely low-income houses built in Lathrop, and the city has no subsidized or otherwise rent-restricted affordable multifamily housing available anywhere in the city.

The Lathrop City Council will likely discuss the housing element when it meets next month for the last meeting of the calendar year – it’s first normal business meeting since October.

To contact reporter Jason Campbell email or call 209.249.3544.