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

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

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Washington

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

 

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, Washington should reinstate funding for its state Individual Development Account program and fully fund the Working Families Tax Rebate.

Protect Homeowners from Foreclosure: To address the high rate of mortgage loans that are seriously delinquent and help homeowners avoid foreclosure, Washington should fully implement its recently-enacted foreclosure mediation program.

Invest in Microenterprise: To boost its low 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: 18 | Grade: B
Outcome Measure State Data US Data Rank
Income Poverty Rate 11.9% 14.0% 12
Asset Poverty Rate 23.2% 27.1% —
Asset Poverty by Race 1.5 x higher
for HHs
of color		 2.2 x higher
for HHs
of color		 —
Asset Poverty by Gender 1.1 x higher
for single women		 1.1 x higher
for single women		 —
Asset Poverty by Family Structure 1.7 x higher
for 1-parent HHs		 2.2 x higher
for 1-parent HHs		 —
Liquid Asset Poverty Rate 30.7% 43.1% 5
Liquid Asset Poverty by Race 1.7 x higher
for HHs
of color		 1.9 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 1.8 x higher
for 1-parent HHs		 1.9 x higher
for 1-parent HHs		 —
Extreme Asset Poverty Rate 15.0% 19.0% —
Net Worth $102,839 $70,600 —
Net Worth by Race — 12.8 x higher
for white HHs		 —
Net Worth by Income — 70 x higher
for top 20%		 —
Net Worth by Gender 1.5 x higher
for single women		 1.03 x higher
for single men		 —
Net Worth by Family Structure — 29 x higher
for 2-parent HHs		 —
Unbanked Households 3.9% 7.7% 7
Underbanked Households 17.3% 17.9% 24
Consumers with Subprime Credit 49.0% 55.8% 11
Borrowers 90+ Days Overdue 3.5% 4.2% 20
Average Credit Card Debt $13,580 $10,852 47
Bankruptcy Rate (per 1,000 people) 4.9 5.0 30
   

Policy Ratings
Policy Priorities
0.25 Tax Credits for Working Families
0 State IDA Program Support
0.5 Lifting Asset Limits in Public Benefit Programs
0.5 Protections from Predatory Short-Term Loans
Additional Policies
Income Tax Threshold — No state income tax
Tax Burden by Income — The poorest 20% of families pay 6.7 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Legislation passed to allow prize-linked savings
Paperless Payday — Paperless payday permitted

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
Microenterprise Ownership Rate 13.5% 16.0% 47
Small Business Ownership Rate 1.45% 1.37% 24
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
Employee Ownership (per 1,000 firms) 0.94 1.46 43
Business Creation Rate (per 1,000 workers) 8.5 8.9 32
Private Loans to Small Business $1,335 $1,322 26
Unemployment Rate 10.2% 9.6% 36
Unemployment by Race 1.5 x higher
for people
of color		 1.6 x higher
for people
of color		 15
Underemployment Rate 18.4% 16.7% 44
Low-Wage Jobs 10.6% 22.0% 3
Average Annual Pay $47,010 $46,751 15
Retirement Plan Participation 47.8% 44.9% 26
Employers Offering Health Insurance 55.2% 53.8% 17
   

Policy Ratings
Policy Priorities
1 State Support for Microenterprise
0.75 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 40.5% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Benefits for compelling family reasons; Not all criteria met
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: 38 | Grade: D
Outcome Measure State Data US Data Rank
Homeownership Rate 63.1% 65.4% 43
Homeownership by Race 1.5 x higher
for white HHs		 1.5 x higher
for white HHs		 21
Homeownership by Income 2.5 x higher
for top 20%		 2.2 x higher
for top 20%		 41
Homeownership by Gender 1.05 x higher
for single women		 1.03 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		 29
Foreclosure Rate 2.24% 4.43% 14
Delinquent Mortgage Loans 4.26% 3.46% 46
High-Cost Mortgage Loans 2.5% 5.2% 5
Affordability of Homes (value/income) 4.9 x higher than median income 3.6 x higher than median income 44
Housing Cost Burden - Homeowners 40.9% 38.0% 41
Housing Cost Burden - Renters 51.2% 53.0% 26
   

Policy Ratings
Policy Priorities
0.5 Foreclosure Prevention and Protections
0.5 First-Time Homebuyer Assistance
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 6.9% 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% 17.7% 26
Uninsured by Race 1.8 x higher
for people
of color		 2 x higher
for people
of color		 25
Uninsured by Income 13 x higher
for bottom 20%		 10 x higher
for bottom 20%		 35
Uninsured by Gender 1.3 x higher
for men		 1.2 x higher
for men		 33
Uninsured Low-Income Children 9.4% 11.7% 27
Uninsured Low-Income Parents 33.8% 33.1% 26
Employer-Provided Insurance Coverage 59.2% 57.6% 27
Employee Share of Premium 26.0% 27.0% 22
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: 5 | Grade: A
Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 14.6% 27.2% 42
Math Proficiency - 8th Grade 40.4% 34.7% 12
Reading Proficiency - 8th Grade 37.0% 33.5% 13
High School Degree 89.8% 85.6% 14
Two-Year College Degree 40.5% 35.7% 12
Four-Year College Degree 31.1% 28.2% 12
Four-Year Degree by Race 1.4 x higher
for white adults		 1.6 x higher
for white adults		 13
Four-Year Degree by Income 4 x higher
for top 20%		 5.3 x higher
for top 20%		 8
Four-Year Degree by Gender 1.04 x higher
for men		 1.02 x higher
for men		 —
Average College Graduate Debt $22,101 $25,250 20
College Graduates with Debt 59% 65% 27
   

Policy Ratings
Policy Priorities
0 Access to Quality K-12 Education
0.5 Financial Education in Schools
0 College Savings Incentives
Additional Policies
State-Funded Head Start — Amount not reported
Quality of State Pre-K Programs — Established state program; $6,817 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 — $882 per student; 98% need-based
TANF-Funded Workforce Training — 2.96% of funds spent on training
WIA-Funded Workforce Training — 48.8% 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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Financial Assets & Income

23% of Washington households live in asset poverty

49% of Washington consumers have subprime credit

12% of Washington households live in income poverty

1.48 times as many households of color in Washington are asset poor compared to white households

31% of Washington households live in liquid asset poverty

1.69 times as many households of color in Washington are liquid asset poor compared to white households

4% of Washington households are unbanked

Businesses & Jobs

11% of jobs in Washington are low-wage jobs

14% of the labor force in Washington own a microenterprise

1.47 times as many white workers in Washington own a business compared to workers of color

1.55 times as many workers of color in Washington are unemployed compared to white workers

18% of Washington workers are underemployed

Housing & Homeownership

41% of homeowners in Washington are cost burdened

63% of Washington households are homeowners

2.51 times as many of the richest 20% of households in Washington own a home compared to the poorest 20%

51% of renters in Washington are cost burdened

Health Care

16% of people in Washington are uninsured

13.0 times as many of the poorest 20% in Washington are uninsured compared to the richest 20%

Education

31% of adults in Washington have at least a 4-year college degree

4.0 times as many of the richest 20% of adults in Washington have a 4-year degree compared to the poorest 20%

Copyright © 2012 CFED — Corporation for Enterprise Development 1200 G Street, NW Suite 400 Washington, DC 20005 202.408.9788

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