SAN FRANCISCO (CBS SF) – A new report finds six of the 10 most expensive counties in the country to rent a modest two-bedroom apartment are located in the Bay Area, and a worker would need to earn over $60 an hour to rent in three of those counties.
This week, the National Low Income Housing Coalition released its annual “Out of Reach” report calculating how much a full-time worker must earn to afford a two-bedroom apartment at what HUD determines as a “Fair Market Rent,” without spending more than 30 percent of their income.
San Francisco, Marin and San Mateo Counties are in a three-way tie for the most expensive county to rent in the entire U.S. Prospective renters working full-time would need to earn $60.96 an hour, or nearly $127,000 a year, to afford a two-bedroom in those counties without being considered “cost-burdened.”
In Santa Clara County, an hourly wage of $54.60 is needed for a two-bedroom. Meanwhile, the group determined that a wage of $40.88 is needed to rent in Alameda and Contra Costa counties.
Nationwide, the group found no metropolitan areas where a full-time worker making minimum wage could afford a two-bedroom apartment.
Wage Needed To Rent A Two-Bedroom (Bay Area Counties In Bold):
1 (tie). Marin – $60.96 / hour
1 (tie). San Francisco – $60.96
1 (tie). San Mateo – $60.96
4. Santa Clara – $54.60
5. Santa Cruz – $46.90
6 (tie). Alameda – $40.88
6 (tie). Contra Costa – $40.88
8. San Diego – $39.77
9. Honolulu – $39.75
10. Orange, CA – $39.17