California: You can't afford to live here

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(Central Valley Business Times) California: Nice place to visit, but if all you make is the minimum wage, move along, buddy, you can’t afford to live here.

A new report says that in California, the fair market rent for a two-bedroom apartment is $1,608 and to afford this level of rent and utilities — without paying more than 30 percent of income on housing — a household must earn $5,359 monthly or $64,311 annually. Assuming a 40-hour workweek, 52 weeks per year, this level of income translates into an hourly “housing wage” of $30.92 an hour, says the report from the National Low Income Housing Coalition.

For those who might harbor thoughts of living in San Francisco, a minimum hourly wage of $58.04 is needed there.

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