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Assets and Opportunity Scorecard
The Asset Policy Initiative of California (APIC) developed the Local Asset Policy Index in 2005 to determine asset poverty rates at the city and county levels. Until now, analysis of asset poverty has occurred only at the national or state levels. The Local Asset Policy Index (LAPI) is the first tool of its kind to help local leaders understand asset poverty rates for their communities. It can be used to inform better policies, programs and strategies to address the chronic problem of generational poverty.
Californians face significant barriers to economic security, according to the 2009-2010 Assets and Opportunity Scorecard, a biannual report released by CFED. This report presents a comprehensive look at wealth, poverty, and the financial security of families at the state and national level. California drew a "C" rating, ranking near the bottom nationwide on factors like housing and health insurance.
The 50 states, along with the District of Columbia, are assessed on 58 performance measures in issue areas such as:
- Financial Assets & Income
- Businesses & Jobs
- Housing & Homeownership
- Health Care
- Education
- Community Investment & Accountability Policies
According to the Scorecard, California is a national leader in net worth, ranking 4th, and performs well overall in microenterprise and small business ownership. However, the availability of affordable housing and high levels of housing cost burden make it difficult for Californians to acquire and maitain a home, a chief asset. Out of 51, California ranks 49th in homeownership, 43rd in home affordability and receives an overall "F" in Housing & Homeownership. In order to improve economic conditions, leaders must also address high levels of individuals currently living with no health insurance-the state is currently 43rd in this ranking.
"This most recent Scorecard clearly demonstrates that California families are under increasing financial stress and that, our state has much room for improvement in providing a favorable environment for economic mobility," said Camille Busette of EARN, a Scorecard State Partner in California. "Given the constrained budget environment in the state, in the short term, budget-neutral policies which improve asset limits, encourage innovative strategies for purchasing health insurance and enabling responsible first-time homeownership as highlighted in American Dream 2.0, are critical to favorably positioning California as a state supportive of economic mobility over the medium term."
Read EARN CEO, Ben Mangan's, blog on the Scorecard.
Local Asset Poverty Index (LAPI)
The Asset Policy Initiative of California (APIC) developed the Local Asset Policy Index in 2005 to determine asset poverty rates at the city and county levels. Until now, analysis of asset poverty has occurred only at the national or state levels. The Local Asset Policy Index (LAPI) is the first tool of its kind to help local leaders understand asset poverty rates for their communities. It can be used to inform better policies, programs and strategies to address the chronic problem of generational poverty.
