SAN FRANCISCO (KCBS RADIO) – The National Low Income Housing Coalition has found it costs triple San Francisco's minimum wage to comfortably afford a two-bedroom apartment in the city.
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On a 40-hour-per-week schedule, a San Francisco resident must make more than $61 an hour to live within their means in an average two-bedroom rental, the coalition revealed in a new report.
The sky high rate soars above other United States cities with expensive price tags such as New York, where a $45 per hour rate is required for a two-bedroom, and Los Angeles, where $39 per hour is required.
Alternatively, renting a three-bedroom apartment in Los Angeles calls for just over the amount of income as a one-bedroom in San Francisco: $105,000.
According to the coalition, in San Francisco there are 224,462 rentals making up 62% of households, meaning the race to find an apartment not only comes with a steep price, but is also highly competitive.
On a larger scale, in all of California with a $15 minimum wage, you must work 83 hours each week to afford a modest one bedroom rental at fair market rent.
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