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ASSET POVERTY PROFILE VIRGINIA

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ASSET POVERTY PROFILE VIRGINIA Powered By Docstoc
					                                  ASSET POVERTY                                                                                                                                    2009-2010
                                                                                                                                                                                  ASSETS & OPPORTUNITY
                                PROFILE:VIRGINIA                                                                                                                                  SCORECARD
WHAT IS ASSET POVERTY?
Asset poverty is a measure that expands the notion of poverty to establish a minimum threshold of wealth
needed for household security. A household is asset poor if it has insuf cient net worth to support itself at
the federal poverty level for three months in the absence of income. Asset poor households would not have
enough savings or wealth to provide for basic needs during a sudden job loss or a medical emergency. Minority
and single-parent households are more likely to be asset poor, as are those with lower levels of education. Even
middle-income families face asset poverty. In Virginia, 27% of those earning $44,801-$68,800 are asset poor.

HOUSEHOLDS IN ASSET POVERTY, 20061                                                                                                                          ABOUT THE DATA
MEASURE . . . . . . . . . . . . . . . . . . . . . . . State Data (%) . . . . . . . . . . . . U.S. Data (%)                                                  To calculate asset poverty rates for states in the
All . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   23.8 . . . . . . . . . . . . . . . . . . . . . . . 26.6   Assets & Opportunity Scorecard, CFED uses net worth
Race                                                                                                                                                        data from the Census Bureau’s Survey of Income
                                                                                                  18.5                                           20.5       and Program Participation (SIPP). The SIPP sample
   White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                     .......................
                                                                                                                                                            size is too small, however, to enable us to drill down
   Black or African American . . . . . . . . . . . . . . . . .                                    41.0     .......................               46.1
                                                                                                                                                            further within states to examine asset ownership by
   Latino . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           35.0     .......................               41.0       household characteristics such as race or income.
   Asian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          15.1     .......................               19.4       To provide this type of detail, CFED used the Local
   Native American . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        35.2     ......................                40.6       Asset Poverty Index (LAPI). The LAPI methodology
Gender                                                                                                                                                      was developed by economists to estimate asset
                                                                                                                                                            poverty rates for populations and geographies
   Male . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         19.1 . . . . . . . . . . . . . . . . . . . . . . . 22.0
                                                                                                                                                            for which actual household net worth data are
   Female . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             29.5 . . . . . . . . . . . . . . . . . . . . . . . 32.3   not currently available. To generate estimated
Age                                                                                                                                                         asset poverty rates for smaller localities and
   <35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          43.3     .......................               46.2       subpopulations, data is extrapolated from the SIPP
   35-44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            23.1     .......................               25.2       and cross referenced with demographic data from
                                                                                                                                                            the Census Bureau’s American Community Survey
   45-55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            15.5     .......................               18.4
                                                                                                                                                            (ACS). The resulting estimates, while less robust
   55-64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            12.0     .......................               15.0       and not directly comparable to those included in
Marital Status                                                                                                                                              the Scorecard, are nonetheless incredibly useful in
   Married . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              12.1 . . . . . . . . . . . . . . . . . . . . . . . 14.4   helping identify general patterns of asset ownership
   Single Parent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  48.0 . . . . . . . . . . . . . . . . . . . . . . . 50.1   and asset poverty among specific populations
Education Level                                                                                                                                             and better understand the challenges facing our
                                                                                                                                                            communities.
   High School . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  30.6     .......................               30.6
   Some College . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                     24.4     .......................               26.4
   Bachelors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                13.2     .......................               15.2
   Advanced Degree . . . . . . . . . . . . . . . . . . . . . . . . . .                            15.1     .......................               17.4
Housing Tenure
   Homeowner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       4.0 . . . . . . . . . . . . . . . . . . . . . . . 5.5
   Renter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             63.1 . . . . . . . . . . . . . . . . . . . . . . . 64.6   1 LAPI estimates calculated by Beacon Economics based on 2007
                                                                                                                                                             ACS and 2004 SIPP, Wave 6. Income ranges are based on national
Poverty Status                                                                                                                                               income quintiles.
   Below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            55.5 . . . . . . . . . . . . . . . . . . . . . . . 56.3
   Above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            21.0 . . . . . . . . . . . . . . . . . . . . . . . 22.9
                                                                                                                                                            For a complete description of all 2009-2010 Assets
Income Ranges
                                                                                                                                                            & Opportunity Scorecard measures and sources,
   Below $24,800 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        50.0     .......................               51.9
                                                                                                                                                            including how state grades and ratings were
   $28,801-$44,800 . . . . . . . . . . . . . . . . . . . . . . . . . . .                          38.2     .......................               38.5       assigned, go to http://scorecard.cfed.org.
   $44,801-$68,800 . . . . . . . . . . . . . . . . . . . . . . . . . . .                          27.3     .......................               24.1
   $68,801-$103,000 . . . . . . . . . . . . . . . . . . . . . . . . . .                           13.1     .......................               12.7
   Above $103,301 . . . . . . . . . . . . . . . . . . . . . . . . . . . .                          4.5     ......................                 5.6

				
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posted:10/9/2011
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