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The Scorecard assesses the 50 states and the District of Columbia on 92 outcome and policy measures. These measures are grouped into five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education. All the data is collected from the latest available data sources and compiled by CFED. For more on the methodology, click here.

New York

New York

What New York Can Do

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

Support Asset Building: To help address the disparity in net worth by income, New York should fund Individual Development Account programs to help low-income residents build assets.

Encourage Affordable Housing: To address the high cost of housing that overburdens many renters and homeowners, New York should enact a housing trust fund to help make housing more affordable, particularly for low-income households.

Invest in Education: To boost high school graduation rates and mitigate the debt burden of college graduates, New York should increase funding for elementary and secondary schools in low-income areas and match savings for college in 529 accounts.

Overall Grade: D

Select a tab to see how your state fared in each issue area or a measure to see the definition, source and complete data.
  • Financial Assets
    & Income
  • Businesses
    & Jobs
  • Housing
    & Homeownership
  • Health Care
  • Education
  • Community Investment &
    Accountability Policies

Are there widespread opportunities for wealth creation and protection, particularly for low-income residents?

Outcome Rankings

Issue Area Grade:F

Outcome Measure

Rank

State Data

US Data
Net Worth 49 $44,003 $88,803
Net Worth by Race 33 126.6^ 6.1^
Net Worth by Income 33 2,522.4^ 44.9^
Net Worth by Gender 38 2.1^ 1.2^
Asset Poverty Rate 49 32.5% 22.5%
Asset Poverty by Race 26 2.8^ 2.3^
Asset Poverty by Gender 14 1.3^ 1.2^
Extreme Asset Poverty Rate 49 23.0% 14.3%
Income Poverty Rate 35 13.2% 12.3%
Unbanked Households 39 32.4% 26.8%
Bankruptcy Rate
(per 1,000 people)		 18 2.0 2.7
Median Credit Card Debt 23 $2,833 $2,960
Median Installment Debt 8 $14,125 $14,887

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

Policy Ratings

Policy Priorities
0 State IDA Program Support
75 State Earned Income Tax Credit
50 Lifting Asset Limits in Public Benefit Programs
100 Payday Lending Protections
 

Additional Policies
State Minimum Wage – $7.25/hr; Not indexed to inflation
Income Tax Threshold – $33,300
Financial Education in Schools – Included in curriculum standards; Not all criteria met

Is the opportunity to grow a business or get a job that pays a sufficient wage with benefits available to all those who choose to pursue it?

Outcome Rankings

Issue Area Grade: B

Outcome Measure

Rank

State Data

US Data
Small Business Ownership Rate 6 20.2% 17.7%
Private Loans to Small Business 32 $1,965 $2,116
Microenterprise Ownership Rate 6 18.8% 16.5%
Women's Business Ownership Rate 8 5.1% 4.4%
Minority Business Ownership Rate 6 5.9% 4.9%
Women Owned Business Value 22 $141,376 $144,969
Minority Owned Business Value 48 $113,055 $162,824
Employee Ownership
(per 1,000 firms)		 45 0.9 1.4
Business Creation Rate
(per 1,000 workers)		 17 10.7 9.6
Employment Growth 23 0.1% -0.5%
Annual Unemployment Rate 27 5.4% 5.8%
Low-Wage Jobs 16 17.9% 22.2%
Average Annual Pay 13 $41,997 $44,458
Retirement Plan Participation 43 44.5% 47.4%
Employers Offering Health Insurance 13 59.7% 55.8%

Policy Ratings

Policy Priority
50 State Microenterprise Support
 

Additional Policies
Workers Compensation Coverage – 98.5% of workers covered
Unemployment Benefit Level – 26.7% of average weekly wage
Unemployment Benefit Eligibility – Uses alternative base period; Part-time workers covered; Benefits for compelling family reasons; Has self employment assistance program
Family Leave Benefits – Temporary disability leave; Not all criteria met
Incentives for Employee Ownership – ESOPs excluded from securities regulations; WIA funds support feasibility studies; Direct state assistance; Has employee ownership center

Is the opportunity to purchase and maintain a home available to all those who choose to pursue it?

Outcome Rankings

Issue Area Grade: F

Outcome Measure

Rank

State Data

US Data
Homeownership Rate 50 53.1% 64.2%
Homeownership by Race 49 2.1^ 1.5^
Homeownership by Income 47 3.9^ 2.7^
Homeownership by Gender 46 1.2^ 1.2^
Foreclosure Rate 38 2.6% 3.0%
High-Cost Mortgage Loans 24 16.8% 17.5%
Mortgage Debt as %
of Home Value		 2 50.7% 76.9%
Affordability of Homes 30 3.9*  3.5* 
Housing Cost Burden - Homeowners 45 41.5% 37.5%
Housing Cost Burden - Renters 45 47.6% 45.6%

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

* This is a ratio of median home value compared to annual median family income, e.g. a ratio of 4 means housing values are 4 times higher than income.

Policy Ratings

Policy Priority
75 Predatory Mortgage Lending Protections
0 Housing Trust Fund
100 First-time Homebuyer Assistance
 

Additional Policies
Affordable Rental Housing Preservation – 10.3% of LIHTC for preservation
Property Tax Relief – Circuit breaker for all homeowners & renters
Foreclosure Protections – Homeowner access to judicial review; Loss mitigation required; Protects pre-foreclosure rights; Protects against rescue scams
Resident Ownership of Manufactured Housing Communities – 120 days closure notice; Opportunity to purchase; Limited applicability; Not all criteria met

Is there broad access to health insurance as protection against income interruption and asset depletion from medical bills?

Outcome Rankings

Issue Area Grade: C

Outcome Measure

Rank

State Data

US Data
Uninsured Rate 24 15.4% 17.2%
Uninsured by Race 24 2.0^ 2.2^
Uninsured by Income 9 3.0^ 3.6^
Uninsured by Gender 44 1.3^ 1.0^
Uninsured Low-Income Children 15 12.1% 18.3%
Uninsured Low-Income Parents 9 23.3% 37.2%
Employees Insured by Employer 33 59.9% 60.9%
Employee Share of Premium 10 22.0% 25.0%
Out-of-Pocket Medical Expenses 27 22.1% 19.0%

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

Policy Ratings

Policy Priorities
50 Access to Health Insurance
 

Additional Policies
Insuring High Risk Individuals – No high risk pool
COBRA Coverage of Small-Business Employees – COBRA expansion for 36 months

Do residents have access to the education and training they need to get ahead?

Outcome Rankings

Issue Area Grade: C

Outcome Measure

Rank

State Data

US Data
Head Start Coverage 33 20.1% 20.3%
Math Proficiency - 8th grade 32 30.2% 31.0%
Reading Proficiency - 8th grade 22 32.2% 29.2%
High School Degree 35 87.2% 87.6%
Two-Year College Degree 25 59.7% 58.7%
Four-Year College Degree 9 34.8% 29.9%
Four-Year Degree by Race 32 1.6^ 1.5^
Four-Year Degree by Income 22 4.3^ 4.9^
Four-Year Degree by Gender 29 1.0^ 1.0^
Average College Graduate Debt 36 $  21,524 $ 20,098
College Graduates with Debt 32 63.1% 59.0%

^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality.

Policy Ratings

Policy Priorities
50 Early Childhood Education
50 Access to Quality K-12 Education
0 College Savings Incentives
 

Additional Policies
Postsecondary Education Financial Aid – $1,049.27 per undergraduate student
State-Funded Head Start – No state supplement
WIA-Funded Workforce Training – 1.6% of participants received training
TANF-Funded Workforce Training – 0.06% of funds spent on training

Policy Ratings

Additional Policies
State Support for CDFIs – Yes
Tax Expenditure Transparency – Biennial report online; Covers major taxes
Impact Analysis of Tax Law Changes – Yes, multiple models
Community Investment for State-Chartered Banks – Yes