Sounds like you'd enjoy living in the North Bay, esp. the counties along the Pacific. I'd research Marin, Sonoma, Mendocino, Lake, and Humboldt counties.
Guerneville? Small-town feel and good weather. It is sunny in the summer, but I wouldn't say it's hot. I'm not sure of rent prices, but home buying prices are reasonable, so I'm hoping the rents would be as well.
If you want cool and foggy, you definitely want a coastal community. Most people are sending you north, but maybe something down near Santa Cruz could also work. Since SC is a college town there should be a lot of shared housing available.
I would recommend Stinson Beach, it is a cool little community with the weather you're looking for and an incredibly beautiful (long) drive into the city when you want it.
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