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

Virginia

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN VIRGINIA

 

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 VIRGINIA CAN DO

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

Improve Educational Outcomes:  To increase high school and college attainment by low-income students, Virginia should increase funding for K-12 education, particularly in high-poverty districts; create a stronger system for teacher evaluation and retention; and match savings for college in 529 accounts.

Invest in Entrepreneurs: To increase microenterprise and small business ownership, Virginia should create a Self-Employment Assistance program. 

Expand Health Care Coverage: To increase health care coverage, Virginia should raise income eligibility thresholds for childless adults for public health insurance programs, and implement simplified enrollment and renewal procedures for Medicaid and CHIP.

Overall Rank: 17

Outcome Rankings

Issue Area Rank: 20 | Grade: B

Outcome Measure State Data US Data Rank
Income Poverty Rate 11.0% 14.6% 8
Asset Poverty Rate 17.7% 26.0%
Asset Poverty by Race 2.8 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 2.9 x higher
for 1-parent HHs
2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 35.0% 43.9% 13
Liquid Asset Poverty by Race 1.9 x higher
for HHs
of color
1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.2 x higher
for single women
1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 2.2 x higher
for 1-parent HHs
1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 11.3% 17.5%
Net Worth $135,245 $68,948
Net Worth by Race 4.9 x higher
for white HHs
10.3 x higher
for white HHs
Net Worth by Income 68 x higher
for top 20%
Net Worth by Gender 1.6 x higher
for single women
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 16.7% 20.1% 9
Households with Savings Accounts 68.3% 69.2% 32
Consumers with Subprime Credit 53.0% 56.4% 24
Borrowers 90+ Days Overdue 3.34% 4.33% 13
Average Credit Card Debt $11,946 $10,736 40
Bankruptcy Rate (per 1,000 people) 4.0 4.4 27
   
Additional Policies
Income Tax Threshold — $23,300
Tax Burden by Income — The poorest 20% of families pay 1.8 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 partially permitted

Footnotes

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

Outcome Rankings

Issue Area Rank: 19 | Grade: B

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 14.1% 16.7% 46
Small Business Ownership Rate 1.28% 1.34% 45
Business Ownership by Race 1.5 x higher
for white workers
1.5 x higher
for white workers
14
Business Ownership by Gender 1.3 x higher
for men
1.3 x higher
for men
30
Business Value by Race 2.5 x higher
for white bus. owners
2.6 x higher
for white bus. owners
22
Business Value by Gender 2.8 x higher
for men
2.6 x higher
for men
32
Business Creation Rate (per 1,000 workers) 9.4 9.2 23
Private Loans to Small Business $978 $1,148 41
Unemployment Rate 6.5% 8.9% 9
Unemployment by Race 1.8 x higher
for people
of color
1.7 x higher
for people
of color
24
Underemployment Rate 11.8% 15.9% 9
Low-Wage Jobs 21.3% 21.5% 26
Average Annual Pay $49,134 $48,043 12
Retirement Plan Participation 52.9% 44.6% 3
Employers Offering Health Insurance 55.1% 51.0% 14
   

Policy Ratings

Policy Priorities
0.5 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 30.6% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Part-time workers not covered; No benefits for compelling family reasons
Incentives for Employee Ownership — WIA-funded feasibility studies; 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: 12 | Grade: B

Outcome Measure State Data US Data Rank
Homeownership Rate 67.3% 64.6% 27
Homeownership by Race 1.4 x higher
for white HHs
1.6 x higher
for white HHs
14
Homeownership by Income 2 x higher
for top 20%
2.2 x higher
for top 20%
7
Homeownership by Gender 1.01 x higher
for single women
1.01 x higher
for single women
Homeownership by Family Structure 1.9 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
31
Foreclosure Rate 1.74% 4.27% 7
Delinquent Mortgage Loans 2.23% 3.04% 17
High-Cost Mortgage Loans 1.48% 2.47% 16
Affordability of Homes (value/income) 3.9 x higher than median income 3.4 x higher than median income 36
Housing Cost Burden - Homeowners 33.4% 36.9% 21
Housing Cost Burden - Renters 50.3% 53.4% 15
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 57.6% of LIHTC for preservation
Tenant Protections from Foreclosure — Has protections beyond federal law
Property Tax Relief — No circuit breaker; Tax deferment in some localities
Resident Ownership of Manufactured Housing Communities — No protections for homeowners

Footnotes

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

Outcome Rankings

Issue Area Rank: 36 | Grade: C

Outcome Measure State Data US Data Rank
Uninsured Rate 14.1% 17.3% 21
Uninsured by Race 2.1 x higher
for people
of color
2 x higher
for people
of color
35
Uninsured by Income 4.8 x higher
for poorest 20%
3.5 x higher
for poorest 20%
46
Uninsured by Gender 1.2 x higher
for men
1.2 x higher
for men
29
Uninsured Low-Income Children 9.6% 10.7% 28
Uninsured Low-Income Parents 33.8% 34.5% 25
Employer-Provided Insurance Coverage 63.3% 57.4% 15
Employee Share of Premium 30.6% 26.4% 41
Out-of-Pocket Medical Expenses 18.7% 16.2%
   

Policy Ratings

Policy Priorities
0.25 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — No state policy
Healthcare Information Databases — In implementation

Footnotes

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

Outcome Rankings

Issue Area Rank: 14 | Grade: B

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 16.8% 28.2% 37
Math Proficiency - 8th Grade 39.7% 34.7% 15
Reading Proficiency - 8th Grade 35.8% 33.5% 16
High School Degree 87.8% 85.9% 27
Two-Year College Degree 42.2% 36.3% 9
Four-Year College Degree 35.1% 28.5% 8
Four-Year Degree by Race 1.4 x higher
for white adults
1.6 x higher
for white adults
11
Four-Year Degree by Income 5.2 x higher
for top 20%
4.6 x higher
for top 20%
36
Four-Year Degree by Gender 1.04 x higher
for men
1.01 x higher
for men
Average College Graduate Debt $24,717 $26,600 26
College Graduates with Debt 59% 66% 22
Student Loan Default Rate 10.7% 13.4% 19
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $5,892 per child enrolled; 7 of 10 quality standards met
Kindergarten Standards — Half Day Kindergarten; no standards; no certificates or training required for teachers
State Financial Aid for Postsecondary Education — $510 per student; 71% need-based
TANF-Funded Workforce Training — 0.08% of funds spent on training
WIA-Funded Workforce Training — 69.9% 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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