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

West Virginia

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN WEST VIRGINIA

 

Lead State Organization

West Virginia Assets for All

 

Lead Local Organization

This state doesn’t have a Lead Local Organization.

 

Click here to learn how to join the Network.

WHAT WEST VIRGINIA CAN DO

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

Invest in Entrepreneurs: To increase microenterprise and small business ownership, West Virginia should increase state and federal block grant funding for microenterprise development and create a Self-Employment Assistance program.

Increase Incomes: To reduce income poverty and the percentage of jobs that are low wage, and increase average annual pay, West Virginia should increase the state minimum wage and adopt state tax credits such as the Earned Income Tax Credit, Child Tax Credit, and Child and Dependent Care Tax Credit.

Connect Residents to the Financial Mainstream: To reduce the number of underbanked households and increase credit scores, West Virginia should ensure residents have access to fair and appropriate financial products by regulating predatory short-term loans.

Protect Homeowners: To reduce the number of high-cost mortgage loans, which is the highest in country, West Virginia should increase regulations of mortgage servicers. 

Overall Rank: 23

Outcome Rankings

Issue Area Rank: 32 | Grade: C

Outcome Measure State Data US Data Rank
Income Poverty Rate 18.4% 14.6% 46
Asset Poverty Rate 15.5% 26.0%
Asset Poverty by Race 2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.1 x higher
for single women
Asset Poverty by Family Structure 2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 47.4% ** 43.9% N.R.
Liquid Asset Poverty by Race 1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 12.2% 17.5%
Net Worth $111,158 $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 9.5% 8.2% 37
Underbanked Households 19.2% 20.1% 23
Households with Savings Accounts 52.1% 69.2% 49
Consumers with Subprime Credit 59.2% 56.4% 37
Borrowers 90+ Days Overdue 3.88% 4.33% 21
Average Credit Card Debt $7,578 $10,736 12
Bankruptcy Rate (per 1,000 people) 2.5 4.4 12
   
Additional Policies
Income Tax Threshold — $18,500
Tax Burden by Income — The poorest 20% of families pay 1.4 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.

** Indicates that estimate is unable to be ranked because the ranks are too closely clustered to say with confidence how the state compares to other states.

Outcome Rankings

Issue Area Rank: 26 | Grade: C

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 13.2% 16.7% 50
Small Business Ownership Rate 1.47% 1.34% 18
Business Ownership by Race 1.1 x higher
for white workers
1.5 x higher
for white workers
1
Business Ownership by Gender 1.3 x higher
for men
1.3 x higher
for men
21
Business Value by Race 1.7 x higher
for white bus. owners
2.6 x higher
for white bus. owners
5
Business Value by Gender 2.7 x higher
for men
2.6 x higher
for men
26
Business Creation Rate (per 1,000 workers) 7.8 9.2 39
Private Loans to Small Business $1,142 $1,148 27
Unemployment Rate 8.1% 8.9% 25
Unemployment by Race 2.3 x higher
for people
of color
1.7 x higher
for people
of color
41
Underemployment Rate 13.7% 15.9% 17
Low-Wage Jobs 33.3% 21.5% 50
Average Annual Pay $44,072 $48,043 35
Retirement Plan Participation 49.3% 44.6% 17
Employers Offering Health Insurance 52.0% 51.0% 21
   

Policy Ratings

Policy Priorities
0 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 35.6% 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 — No state policy
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: 3 | Grade: A

Outcome Measure State Data US Data Rank
Homeownership Rate 72.3% 64.6% 3
Homeownership by Race 1.5 x higher
for white HHs
1.6 x higher
for white HHs
21
Homeownership by Income 1.9 x higher
for top 20%
2.2 x higher
for top 20%
5
Homeownership by Gender 1.06 x higher
for single women
1.01 x higher
for single women
Homeownership by Family Structure 1.8 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
17
Foreclosure Rate 1.98% 4.27% 10
Delinquent Mortgage Loans 2.19% 3.04% 15
High-Cost Mortgage Loans 7.22% 2.47% 51
Affordability of Homes (value/income) 2.6 x higher than median income 3.4 x higher than median income 5
Housing Cost Burden - Homeowners 26.8% 36.9% 6
Housing Cost Burden - Renters 48.9% 53.4% 10
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 48.5% of LIHTC for preservation
Tenant Protections from Foreclosure — No protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and elderly renters; Tax deferment
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: 3 | Grade: A

Outcome Measure State Data US Data Rank
Uninsured Rate 17.7% 17.3% 34
Uninsured by Race 1.1 x higher
for people
of color
2 x higher
for people
of color
2
Uninsured by Income 3.3 x higher
for poorest 20%
3.5 x higher
for poorest 20%
21
Uninsured by Gender 1.04 x higher
for men
1.2 x higher
for men
1
Uninsured Low-Income Children 4.8% 10.7% 4
Uninsured Low-Income Parents 36.1% 34.5% 32
Employer-Provided Insurance Coverage 56.8% 57.4% 32
Employee Share of Premium 21.0% 26.4% 1
Out-of-Pocket Medical Expenses 16.2%
   

Policy Ratings

Policy Priorities
0.25 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 18 months
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: 48 | Grade: F

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 51.0% 28.2% 3
Math Proficiency - 8th Grade 21.3% 34.7% 48
Reading Proficiency - 8th Grade 24.1% 33.5% 46
High School Degree 84.2% 85.9% 41
Two-Year College Degree 24.9% 36.3% 51
Four-Year College Degree 18.5% 28.5% 51
Four-Year Degree by Race 1.1 x higher
for people
of color
1.6 x higher
for white adults
3
Four-Year Degree by Income 5.6 x higher
for top 20%
4.6 x higher
for top 20%
43
Four-Year Degree by Gender 1.01 x higher
for women
1.01 x higher
for men
Average College Graduate Debt $26,227 $26,600 32
College Graduates with Debt 64% 66% 30
Student Loan Default Rate 14.0% 13.4% 36
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $9,136 per child enrolled; 8 of 10 quality standards met
Kindergarten Standards — Full Day Kindergarten; no standards; no certificates or training required for teachers
State Financial Aid for Postsecondary Education — $1,027 per student; 41% need-based
TANF-Funded Workforce Training — 0% of funds spent on training
WIA-Funded Workforce Training — 56.1% 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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