The National Low Income Housing Coalition calculated what annual salary someone would need to afford fair market rent on a two-bedroom apartment.
Spoiler alert: It’s a lot.
Here’s the breakdown, based on the U.S. Department of Housing and Urban Development’s fair market rent price point, and on the premise that rent should be 30 percent of take-home pay.#1. San Francisco/Marin/San Mateo counties – $124,840 annual income#2. Santa Clara County – $100,880 annual income#3. Alameda/Contra Costa counties – $93,160 annual income#4. Sonoma County – $73,720 annual income#5. Napa County – $63,000 annual income#6. Solano County – $53,640 annual incomeUnsurprisingly San Francisco, the Peninsula, and Marin – considered to be one region by HUD – lead the way, with Santa Clara County not far behind. The East Bay, also considered one region, is a relative bargain at $93,160.
At the bottom is Solano county, where you can rent the same size apartment as in San Francisco with only 43 percent of the income.
Keep those numbers in mind next time you are negotiating your salary.