CFED Scorecard

CFED Assets & Opportunity Scorecard

State Data
Estimated Impacts for Virginia

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 Virginia performed as well as the best state, there would be:
Income Poverty Rate 11.3% NH 8.8% 79,709 fewer income poor households
Liquid Asset Poverty Rate 36.5% IA 26.2% 306,542 fewer liquid asset poor households
Unbanked Households 6.5% AK 1.9% 147,476 fewer unbanked households
Underbanked Households 19.5% NH 13.9% 125,607 fewer underbanked households
 
Businesses & Jobs

Measure
State
Rate
Best
State
Best
Rate
If Virginia performed as well as the best state, there would be:
Microenterprise Ownership Rate 14.3% FL 21.8% 319,376 more workers owning microenterprises
Small Business Ownership Rate 1.31% MT 2.02% 29,883 more workers owning small businesses
Low-Wage Jobs 26.4% DC 9.6% 609,345 fewer jobs in low-wage occupations
 
Housing & Homeownership

Measure
State
Rate
Best
State
Best
Rate
If Virginia performed as well as the best state, there would be:
Homeownership Rate 65.3% WV 72.2% 210,927 more homeowners
Foreclosure Rate 0.85% ND, WY 0.58% 3,642 fewer home loans in foreclosure
Housing Cost Burden - Homeowners 28.6% ND 16.3% 171,990 fewer cost-burdened homeowners
Housing Cost Burden - Renters 50.2% SD 39.3% 108,800 fewer cost-burdened renters
 
Health

Measure
State
Rate
Best
State
Best
Rate
If Virginia performed as well as the best state, there would be:
Uninsured Rate 12.5% MA 3.8% 607,675 more people with health insurance
Uninsured Low-Income Children 9.6% MA 2.3% 46,603 more low-income children with health insurance
 
Education

Measure
State
Rate
Best
State
Best
Rate
If Virginia performed as well as the best state, there would be:
High School Degree 88.5% AK 92.9% 242,986 more adults with at least a high school degree
Four-Year College Degree 36.7% DC 55.0% 1,025,332 more adults with 4-year college degrees
Student Loan Default Rate 8.8% MA 6.4% 2,609 fewer borrowers defaulting on their student loans
Disconnected Youth 10.7% MN 8.3% 25,085 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.

Copyright © 2016 CFED — Corporation for Enterprise Development 1200 G Street, NW Suite 400 Washington, DC 20005 202.408.9788