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

Washington

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN WASHINGTON

 

Lead State Organization

Washington Asset Building Coalition

 

Lead Local Organizations

Seattle-King County Asset Building Collaborative
Seattle-King County

 

Yakima County Asset Building Coalition
Yakima County

 

Click here to learn how to join the Network.

WHAT WASHINGTON CAN DO

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

Improve Financial Stability: To help Washingtonians build assets and reduce high debt burdens, the state should prohibit debt buyers from collecting on debt that is past the legal statute of limitations or that cannot be proven they own.

Increase Financial Education for Students: To provide students with a solid understanding of financial education and practices, the state should ensure that all high school students have the opportunity to take a financial education course prior to graduation.

Invest in Microenterprise: To increase its rates of microenterprise ownership, Washington should invest in the state’s strong microenterprise support system, making small business capital more widely available through microloan programs and training for microentrepreneurs.

Overall Rank: 15

Outcome Rankings

Issue Area Rank: 17 | Grade: B

Outcome Measure State Data US Data Rank
Income Poverty Rate 12.5% 14.6% 16
Asset Poverty Rate 23.2% 26.0%
Asset Poverty by Race 1.7 x higher
for HHs
of color
2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.04 x higher
for single women
1.1 x higher
for single women
Asset Poverty by Family Structure 1.8 x higher
for 1-parent HHs
2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 32.9% 43.9% 8
Liquid Asset Poverty by Race 1.4 x higher
for HHs
of color
1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.1 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 15.9% 17.5%
Net Worth $90,704 * $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 11 x higher
for 2-parent HHs
22 x higher
for 2-parent HHs
Unbanked Households 4.5% 8.2% 11
Underbanked Households 19.4% 20.1% 25
Households with Savings Accounts 84.4% 69.2% 1
Consumers with Subprime Credit 49.6% 56.4% 12
Borrowers 90+ Days Overdue 3.82% 4.33% 20
Average Credit Card Debt $13,087 $10,736 46
Bankruptcy Rate (per 1,000 people) 4.5 4.4 32
   
Additional Policies
Income Tax Threshold — No state income tax
Tax Burden by Income — The poorest 20% of families pay 6 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Legislation passed to allow prize-linked savings; program in planning stages
Paperless Payday — Paperless payday permitted

Footnotes

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

* Indicates that the margin of error is greater than 25% of the estimate, and as such, this estimate is too imprecise to rank. Caution should be used when using this data.

Outcome Rankings

Issue Area Rank: 9 | Grade: A

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 14.0% 16.7% 47
Small Business Ownership Rate 1.44% 1.34% 22
Business Ownership by Race 1.5 x higher
for white workers
1.5 x higher
for white workers
11
Business Ownership by Gender 1.1 x higher
for men
1.3 x higher
for men
8
Business Value by Race 1.4 x higher
for white bus. owners
2.6 x higher
for white bus. owners
3
Business Value by Gender 2.5 x higher
for men
2.6 x higher
for men
16
Business Creation Rate (per 1,000 workers) 8.5 9.2 35
Private Loans to Small Business $1,255 $1,148 14
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
9
Underemployment Rate 17.8% 15.9% 44
Low-Wage Jobs 9.7% 21.5% 3
Average Annual Pay $49,271 $48,043 11
Retirement Plan Participation 48.6% 44.6% 20
Employers Offering Health Insurance 46.9% 51.0% 38
   

Policy Ratings

Policy Priorities
1 State Support for Microenterprise
0.75 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 40.0% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Benefits for compelling family reasons; Part-time workers not covered
Incentives for Employee Ownership — Direct state assistance; Not all criteria met
Loans for Beginning Farmers — Has Aggie Bond Program

Footnotes

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

Outcome Rankings

Issue Area Rank: 41 | Grade: D

Outcome Measure State Data US Data Rank
Homeownership Rate 62.8% 64.6% 43
Homeownership by Race 1.5 x higher
for white HHs
1.6 x higher
for white HHs
22
Homeownership by Income 2.4 x higher
for top 20%
2.2 x higher
for top 20%
38
Homeownership by Gender 1.07 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
36
Foreclosure Rate 2.70% 4.27% 20
Delinquent Mortgage Loans 4.18% 3.04% 49
High-Cost Mortgage Loans 0.92% 2.47% 8
Affordability of Homes (value/income) 4.5 x higher than median income 3.4 x higher than median income 43
Housing Cost Burden - Homeowners 39.4% 36.9% 41
Housing Cost Burden - Renters 50.7% 53.4% 19
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 19.3% of LIHTC for preservation
Tenant Protections from Foreclosure — Has protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners who are elderly or disabled; Tax deferment
Resident Ownership of Manufactured Housing Communities — Medium strength protections; 14 days closure notice and opportunity to purchase; Tax incentive to sell to homeowners

Footnotes

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

Outcome Rankings

Issue Area Rank: 28 | Grade: C

Outcome Measure State Data US Data Rank
Uninsured Rate 16.1% 17.3% 26
Uninsured by Race 1.9 x higher
for people
of color
2 x higher
for people
of color
26
Uninsured by Income 4.5 x higher
for poorest 20%
3.5 x higher
for poorest 20%
43
Uninsured by Gender 1.2 x higher
for men
1.2 x higher
for men
26
Uninsured Low-Income Children 8.6% 10.7% 23
Uninsured Low-Income Parents 37.5% 34.5% 36
Employer-Provided Insurance Coverage 58.7% 57.4% 28
Employee Share of Premium 23.7% 26.4% 10
Out-of-Pocket Medical Expenses 19.4% 16.2%
   

Policy Ratings

Policy Priorities
0.5 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — No state policy
Healthcare Information Databases — Has database

Footnotes

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

Outcome Rankings

Issue Area Rank: 4 | Grade: A

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 14.9% 28.2% 41
Math Proficiency - 8th Grade 40.4% 34.7% 12
Reading Proficiency - 8th Grade 37.0% 33.5% 13
High School Degree 90.1% 85.9% 16
Two-Year College Degree 41.6% 36.3% 10
Four-Year College Degree 31.9% 28.5% 12
Four-Year Degree by Race 1.4 x higher
for white adults
1.6 x higher
for white adults
14
Four-Year Degree by Income 3.5 x higher
for top 20%
4.6 x higher
for top 20%
11
Four-Year Degree by Gender 1.07 x higher
for men
1.01 x higher
for men
Average College Graduate Debt $22,244 $26,600 10
College Graduates with Debt 56% 66% 18
Student Loan Default Rate 11.3% 13.4% 24
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $6,780 per child enrolled; 9 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 — $843 per student; 98% need-based
TANF-Funded Workforce Training — 3.43% of funds spent on training
WIA-Funded Workforce Training — 57.6% 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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