The 2023 Out of Reach Report from the National Low Income Housing Coalition found that the SF Bay Area and adjacent coastal region is the least affordable for renters nationwide. California's Fair Market Rent for a two-bedroom apartment is $2,197 and to afford this level of rent and utilities without paying more than 30% of income on housing, a household must earn $7,323 monthly or $87,877 annually. This level of income translates to an hourly wage of $42.25, which is more than double the federal minimum wage of $7.25 an hour. This report also found that the demand for rental housing far
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