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

Michigan

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN MICHIGAN

 

Lead State Organization

CEDAM's Michigan Economic Impact Coalition (MEIC)

 

Lead Local Organization

Wayne Metropolitan Community Action Agency Asset Building
Wayne County

 

Kalamazoo Poverty Reducation Initiative
Kalamazoo

 

Asset Independence Coalition
Lansing

 

Click here to learn how to join the Network.

WHAT MICHIGAN CAN DO

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

Preserve and expand homeownership:To address the high housing cost burden for homeowners and number of delinquent mortgage loans, Michigan should offer direct lending programs to first-time homeowners. To prevent foreclosures, Michigan should regulate mortgage servicers and ensure foreclosures are reviewed in the presence of a neutral third party.

Support Work and Increase Income: To reduce reliance on public assistance programs, encourage work and increase earnings, Michigan should increase the Earned Income Tax Credit from 6% to 20%, and support job training and microenterprise development. The state should also implement a Self-Employment Assistance program.

Encourage Savings: To reduce high asset poverty rates, Michigan should encourage savings, link tax time with asset building opportunities, provide state funding for VITA programs and remove the disincentive to save for very low-income families by lifting asset limits in its cash welfare, food assistance and family Medicaid programs.

Overall Rank: 26

Outcome Rankings

Issue Area Rank: 26 | Grade: C
Outcome Measure State Data US Data Rank
Income Poverty Rate 15.7% 14.6% 36
Asset Poverty Rate 25.8% 26.0% —
Asset Poverty by Race 2.2 x higher
for HHs
of color		 2.1 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 2.2 x higher
for 1-parent HHs		 2.2 x higher
for 1-parent HHs		 —
Liquid Asset Poverty Rate 40.2% 43.9% 18
Liquid Asset Poverty by Race 1.97 x higher
for HHs
of color		 1.8 x higher
for HHs
of color		 —
Liquid Asset Poverty by Gender 1.23 x higher
for single women		 1.09 x higher
for single women		 —
Liquid Asset Poverty by Family Structure 2.3 x higher
for 1-parent HHs		 1.9 x higher
for 1-parent HHs		 —
Extreme Asset Poverty Rate 19.5% 17.5% —
Net Worth $72,020 $68,948 —
Net Worth by Race 15.7 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 men		 1.18 x higher
for single men		 —
Net Worth by Family Structure — 22 x higher
for 2-parent HHs		 —
Unbanked Households 7.7% 8.2% 31
Underbanked Households 17.3% 20.1% 11
Households with Savings Accounts 74.9% 69.2% 18
Consumers with Subprime Credit 55.4% 56.4% 27
Borrowers 90+ Days Overdue 4.05% 4.33% 27
Average Credit Card Debt $8,988 $10,736 20
Bankruptcy Rate (per 1,000 people) 5.7 4.4 42
   

Policy Ratings
Policy Priorities
0.5 Tax Credits for Working Families
0.25 State IDA Program Support
0.5 Lifting Asset Limits in Public Benefit Programs
0.25 Protections from Predatory Short-Term Loans
Additional Policies
Income Tax Threshold — $26,400
Tax Burden by Income — The poorest 20% of families pay 1.7 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Law already allows prize-linked savings; program implemented
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: 29 | Grade: C
Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 16.5% 16.7% 19
Small Business Ownership Rate 1.36% 1.34% 33
Business Ownership by Race 1.3 x higher
for white workers		 1.5 x higher
for white workers		 4
Business Ownership by Gender 1.3 x higher
for men		 1.3 x higher
for men		 23
Business Value by Race 2.6 x higher
for white bus. owners		 2.6 x higher
for white bus. owners		 25
Business Value by Gender 3.2 x higher
for men		 2.6 x higher
for men		 44
Business Creation Rate (per 1,000 workers) 8.5 9.2 34
Private Loans to Small Business $1,523 $1,148 7
Unemployment Rate 10.2% 8.9% 44
Unemployment by Race 1.7 x higher
for people
of color		 1.7 x higher
for people
of color		 23
Underemployment Rate 18.8% 15.9% 49
Low-Wage Jobs 20.7% 21.5% 22
Average Annual Pay $48,088 $48,043 14
Retirement Plan Participation 41.7% 44.6% 42
Employers Offering Health Insurance 52.1% 51.0% 20
   

Policy Ratings
Policy Priorities
0.25 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 33.2% 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; Direct state assistance
Loans for Beginning Farmers — Inactive 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: 25 | Grade: C
Outcome Measure State Data US Data Rank
Homeownership Rate 71.7% 64.6% 4
Homeownership by Race 1.6 x higher
for white HHs		 1.6 x higher
for white HHs		 33
Homeownership by Income 2.2 x higher
for top 20%		 2.2 x higher
for top 20%		 22
Homeownership by Gender 1.05 x higher
for single men		 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		 25
Foreclosure Rate 2.83% 4.27% 21
Delinquent Mortgage Loans 3.11% 3.04% 34
High-Cost Mortgage Loans 4.34% 2.47% 45
Affordability of Homes (value/income) 2.6 x higher than median income 3.4 x higher than median income 4
Housing Cost Burden - Homeowners 33.9% 36.9% 23
Housing Cost Burden - Renters 55.5% 53.4% 46
   

Policy Ratings
Policy Priorities
0.5 Foreclosure Prevention and Protections
0.75 First-Time Homebuyer Assistance
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 78.8% of LIHTC for preservation
Tenant Protections from Foreclosure — No protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and 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: 11 | Grade: B
Outcome Measure State Data US Data Rank
Uninsured Rate 13.6% 17.3% 18
Uninsured by Race 1.4 x higher
for people
of color		 2 x higher
for people
of color		 6
Uninsured by Income 3.5 x higher
for poorest 20%		 3.5 x higher
for poorest 20%		 29
Uninsured by Gender 1.3 x higher
for men		 1.2 x higher
for men		 37
Uninsured Low-Income Children 5.8% 10.7% 10
Uninsured Low-Income Parents 23.6% 34.5% 13
Employer-Provided Insurance Coverage 60.8% 57.4% 23
Employee Share of Premium 24.0% 26.4% 12
Out-of-Pocket Medical Expenses 14.0% 16.2% —
   

Policy Ratings
Policy Priorities
0.5 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — No state policy
Healthcare Information Databases — Does not have database

Footnotes

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

Outcome Rankings

Issue Area Rank: 34 | Grade: C
Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 23.8% 28.2% 25
Math Proficiency - 8th Grade 30.8% 34.7% 35
Reading Proficiency - 8th Grade 32.1% 33.5% 31
High School Degree 88.8% 85.9% 22
Two-Year College Degree 34.1% 36.3% 35
Four-Year College Degree 25.6% 28.5% 36
Four-Year Degree by Race 1.3 x higher
for white adults		 1.6 x higher
for white adults		 7
Four-Year Degree by Income 4.9 x higher
for top 20%		 4.6 x higher
for top 20%		 33
Four-Year Degree by Gender 1.02 x higher
for men		 1.01 x higher
for men		 —
Average College Graduate Debt $27,451 $26,600 37
College Graduates with Debt 62% 66% 25
Student Loan Default Rate 12.7% 13.4% 31
   

Policy Ratings
Policy Priorities
0.5 Access to Quality K-12 Education
0.5 Financial Education in Schools
0 College Savings Incentives
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $4,453 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 — $184 per student; 99% need-based
TANF-Funded Workforce Training — 0.47% of funds spent on training
WIA-Funded Workforce Training — 74% 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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