CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

New Jersey

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN NEW JERSEY

 

Lead State Organization

This state doesn’t have a Lead State Organization.

 

Lead Local Organization

This state doesn’t have a Lead Local Organization.

 

Click here to learn how to join the Network.

 

WHAT NEW JERSEY CAN DO

There are many policies that New Jersey could enact to improve its climate for asset building and preservation:

Protect Homeowners and Communities: To reduce the foreclosure rate and number of delinquent mortgages, which are among the highest in the nation, New Jersey should regulate mortgage servicers. To protect communities severely affected by foreclosure, New Jersey should enable land banking of foreclosed properties.

Expand Health Care Coverage:  To decrease the uninsured rate, New Jersey should increase income eligibility for childless adults and reopen coverage for low-income parents.

Create Jobs Through Self-Employment:  To reduce the unemployment and underemployment rates, New Jersey should help residents increase incomes through self-employment by using federal block grant funding for microenterprise development and funding a State Microenterprise Association. 

Overall Rank: 29

Outcome Rankings

Issue Area Rank: 27 | Grade: C

Outcome Measure State Data US Data Rank
Income Poverty Rate 10.1% 14.6% 4
Asset Poverty Rate 26.0% 26.0%
Asset Poverty by Race 2.4 x higher
for HHs
of color
2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.1 x higher
for single men
1.1 x higher
for single women
Asset Poverty by Family Structure 4.1 x higher
for 1-parent HHs
2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 44.6% 43.9% 25
Liquid Asset Poverty by Race 1.7 x higher
for HHs
of color
1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.06 x higher
for single women
1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 2.3 x higher
for 1-parent HHs
1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 19.9% 17.5%
Net Worth $133,303 $68,948
Net Worth by Race 10.3 x higher
for white HHs
Net Worth by Income 68 x higher
for top 20%
Net Worth by Gender 1.18 x higher
for single men
Net Worth by Family Structure 22 x higher
for 2-parent HHs
Unbanked Households 6.6% 8.2% 23
Underbanked Households 19.4% 20.1% 25
Households with Savings Accounts 74.5% 69.2% 20
Consumers with Subprime Credit 51.9% 56.4% 19
Borrowers 90+ Days Overdue 4.75% 4.33% 41
Average Credit Card Debt $14,252 $10,736 49
Bankruptcy Rate (per 1,000 people) 4.2 4.4 28
   
Additional Policies
Income Tax Threshold — $31,300
Tax Burden by Income — The poorest 20% of families pay 1.6 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Prize-linked savings not allowed
Paperless Payday — Paperless payday not permitted

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 23 | Grade: C

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 16.0% 16.7% 26
Small Business Ownership Rate 1.43% 1.34% 24
Business Ownership by Race 1.9 x higher
for white workers
1.5 x higher
for white workers
34
Business Ownership by Gender 1.5 x higher
for men
1.3 x higher
for men
46
Business Value by Race 2.3 x higher
for white bus. owners
2.6 x higher
for white bus. owners
18
Business Value by Gender 2.6 x higher
for men
2.6 x higher
for men
24
Business Creation Rate (per 1,000 workers) 8.6 9.2 31
Private Loans to Small Business $1,112 $1,148 30
Unemployment Rate 9.4% 8.9% 35
Unemployment by Race 1.5 x higher
for people
of color
1.7 x higher
for people
of color
10
Underemployment Rate 16.0% 15.9% 36
Low-Wage Jobs 16.6% 21.5% 14
Average Annual Pay $51,611 $48,043 5
Retirement Plan Participation 45.2% 44.6% 37
Employers Offering Health Insurance 56.8% 51.0% 6
   

Policy Ratings

Policy Priorities
0.5 State Support for Microenterprise
0.5 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 35.8% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Part-time workers covered; No benefits for compelling family reasons
Incentives for Employee Ownership — Direct state assistance; Not all criteria met
Loans for Beginning Farmers — No state policy

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 50 | Grade: F

Outcome Measure State Data US Data Rank
Homeownership Rate 65.0% 64.6% 37
Homeownership by Race 1.8 x higher
for white HHs
1.6 x higher
for white HHs
44
Homeownership by Income 2.5 x higher
for top 20%
2.2 x higher
for top 20%
42
Homeownership by Gender 1.08 x higher
for single women
1.01 x higher
for single women
Homeownership by Family Structure 2.1 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
45
Foreclosure Rate 7.65% 4.27% 50
Delinquent Mortgage Loans 5.04% 3.04% 50
High-Cost Mortgage Loans 0.95% 2.47% 9
Affordability of Homes (value/income) 4.8 x higher than median income 3.4 x higher than median income 45
Housing Cost Burden - Homeowners 47.3% 36.9% 49
Housing Cost Burden - Renters 54.6% 53.4% 42
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 11.6% of LIHTC for preservation
Tenant Protections from Foreclosure — Has protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and renters; No tax deferment
Resident Ownership of Manufactured Housing Communities — Medium strength protections; 45 to 60 days closure notice and opportunity to purchase; No tax incentive

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 24 | Grade: C

Outcome Measure State Data US Data Rank
Uninsured Rate 14.8% 17.3% 24
Uninsured by Race 2.6 x higher
for people
of color
2 x higher
for people
of color
49
Uninsured by Income 4.3 x higher
for poorest 20%
3.5 x higher
for poorest 20%
41
Uninsured by Gender 1.2 x higher
for men
1.2 x higher
for men
30
Uninsured Low-Income Children 9.6% 10.7% 27
Uninsured Low-Income Parents 34.0% 34.5% 28
Employer-Provided Insurance Coverage 66.5% 57.4% 7
Employee Share of Premium 21.9% 26.4% 3
Out-of-Pocket Medical Expenses 15.9% 16.2%
   

Policy Ratings

Policy Priorities
0.75 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 36 months
Healthcare Information Databases — Does not have database

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 8 | Grade: A

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 33.8% 28.2% 13
Math Proficiency - 8th Grade 46.8% 34.7% 3
Reading Proficiency - 8th Grade 44.7% 33.5% 2
High School Degree 88.1% 85.9% 26
Two-Year College Degree 41.4% 36.3% 11
Four-Year College Degree 35.3% 28.5% 7
Four-Year Degree by Race 1.4 x higher
for white adults
1.6 x higher
for white adults
15
Four-Year Degree by Income 4.5 x higher
for top 20%
4.6 x higher
for top 20%
27
Four-Year Degree by Gender 1.07 x higher
for men
1.01 x higher
for men
Average College Graduate Debt $27,610 $26,600 39
College Graduates with Debt 64% 66% 30
Student Loan Default Rate 12.2% 13.4% 28
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $11,669 per child enrolled; 8.8 of 10 quality standards met
Kindergarten Standards — No Kindergarten offered; no standards; certificates or training required for teachers
State Financial Aid for Postsecondary Education — $1,033 per student; 94% need-based
TANF-Funded Workforce Training — 2.13% of funds spent on training
WIA-Funded Workforce Training — 75.9% of participants received training

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

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