CFED Scorecard

CFED Assets & Opportunity Scorecard

State Data
Estimated Impacts for Michigan

The Assets & Opportunity Scorecard enables states to compare their performance to other states and the District of Columbia on measures of financial security and household wealth. This report shows the number of people who would be better off if the state performed as well as the best ranked state on 17 key measures.


Financial Assets & Income

Measure
State
Rate
Best
State
Best
Rate
If Michigan performed as well as the best state, there would be:
Income Poverty Rate 15.0% NH 8.8% 240,520 fewer income poor households
Liquid Asset Poverty Rate 38.8% IA 26.2% 474,572 fewer liquid asset poor households
Unbanked Households 5.7% AK 1.9% 148,618 fewer unbanked households
Underbanked Households 18.1% NH 13.9% 181,077 fewer underbanked households
 
Businesses & Jobs

Measure
State
Rate
Best
State
Best
Rate
If Michigan performed as well as the best state, there would be:
Microenterprise Ownership Rate 16.2% FL 21.8% 266,574 more workers owning microenterprises
Small Business Ownership Rate 1.41% MT 2.02% 28,433 more workers owning small businesses
Low-Wage Jobs 25.2% DC 9.6% 625,292 fewer jobs in low-wage occupations
 
Housing & Homeownership

Measure
State
Rate
Best
State
Best
Rate
If Michigan performed as well as the best state, there would be:
Homeownership Rate 70.2% WV 72.2% 74,310 more homeowners
Foreclosure Rate 1.01% ND, WY 0.58% 4,809 fewer home loans in foreclosure
Housing Cost Burden - Homeowners 26.5% ND 16.3% 168,344 fewer cost-burdened homeowners
Housing Cost Burden - Renters 52.3% SD 39.3% 136,012 fewer cost-burdened renters
 
Health

Measure
State
Rate
Best
State
Best
Rate
If Michigan performed as well as the best state, there would be:
Uninsured Rate 10.0% MA 3.8% 518,456 more people with health insurance
Uninsured Low-Income Children 5.1% MA 2.3% 27,160 more low-income children with health insurance
 
Education

Measure
State
Rate
Best
State
Best
Rate
If Michigan performed as well as the best state, there would be:
High School Degree 89.9% AK 92.9% 200,006 more adults with at least a high school degree
Four-Year College Degree 27.4% DC 55.0% 1,845,593 more adults with 4-year college degrees
Student Loan Default Rate 12.9% MA 6.4% 12,085 fewer borrowers defaulting on their student loans
Disconnected Youth 13.4% MN 8.3% 64,758 fewer young adults out of school and unemployed
 

Methodology

Estimates were generated as follows: for each indicator, the rate of the best performing state was multiplied by the appropriate population (households, adults over 25, labor force, etc.) in the remaining states. The difference between the states’ improved performance and actual performance was then calculated. For example, there are 3,000,748 homeowners in Ohio. If the state’s homeownership rate improved to West Virginia’s, there would be 3,315,110 homeowners – an estimated impact of 314,362 additional homeowners.

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