36% 50% 11% 59% 35% PROFILE ASSETS & OPPORTUNITY PROFILE: CHARLOTTE KEY HIGHLIGHTS ABOUT THE PROFILE ASSETS & OPPORTUNITY

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1 ASSETS & OPPORTUNITY PROFILE: CHARLOTTE ASSETS & OPPORTUNITY PROFILE KEY HIGHLIGHTS 36% of Charlotte households live in asset poverty Cities have long been thought of as places of opportunity for low-income workers to forge pathways to the middle class. Yet, far too many urban households struggle to gain a foothold in the mainstream economy. In major U.S. cities, one out of every four households owe more than they own, and an average of fifty-seven percent of consumers have subprime credit scores. More than one-third of families do not have enough assets to live for three months at the federal poverty level should they lose their main source of income. Not only does financial insecurity destabilize families, it also jeopardizes the long-term vitality of cities and local economies. The data in this Profile documents the scope and scale of financial insecurity among households in Charlotte, and the picture that emerges is revealing. Fiftynine percent of Mecklenburg County residents have subprime credit scores, thirty-six percent of Charlotte households are asset poor, and more than eight percent of households are unbanked. Moreover, the data on racial disparities shows a grim reality in Charlotte. More than half of the households of color in Charlotte live in asset poverty. More than twenty-two percent and more than seventeen percent of Latino and Black families respectively are income poor compared to four percent of households in Charlotte. Across the country, local leaders are pioneering new ways to leverage assetbuilding programs, along with new policies and resources to expand the reach of these programs for low- and moderate-income families. Charlotte can learn from and leverage the work that other cities are doing to redefine what cities can and should do to create financial security for low-income residents. ABOUT THE PROFILE This Assets & Opportunity Profile was created to fuel a local conversation about wealth, poverty and opportunity in Charlotte. It includes a data snapshot of the financial security and opportunities for Charlotte residents. It also contains an overview of what cities are doing nationally to help financially educate, empower and protect residents and enable them to build a more prosperous future. 50% of Charlotte households of color are asset poor 11% of Charlotte families live in income poverty 59% of Mecklenburg County residents have subprime credit scores 35% of Charlotte low-income residents have no health insurance 8% of Charlotte households are unbanked 1

2 HOUSEHOLD FINANCIAL SECURITY FRAMEWORK CFED created the Household Financial Security Framework to illustrate from a household s perspective what it really takes to build financial security over time. Individuals must first learn the knowledge and skills that enable them to earn an income and manage their money. They then use that income to take care of basic living expenses and debt payments and save for future purposes. As savings grow, households can invest in assets that will appreciate over time and generate wealth and income. Throughout the cycle, access to insurance and consumer protections help households protect the gains they make. The Framework s focus on the household provides a universal lens that any organization government, nonprofit, philanthropic or private sector can look through to identify the ways their work contributes to the financial betterment of families. LEARN Knowledge and skills that enable navigation of and success in markets (labor, financial) have a direct bearing on financial security K-12 & Postsecondary Education: Basic literacy and math skills, plus commitment to lifelong learning are critical for employment and advancement Financial Education & Counseling: Timely, relevant, accurate information on basic budgeting, taxes, financial products and services, and use of credit Asset-specific Education: Preparation for homeownership, business ownership, postsecondary education, and financial investments Assets can increase income and earning capacity EARN Wage Income + Business Income + Public & Employee Benefits + Tax Credits + Investment Income = Income SAVE Income - Current Consumption - Debt Payments = Savings INVEST Savings + Borrowing + Public Incentives = Assets Ability to Maximize Income Depends On: Access to reliable basic goods and services (housing, transportation, medical care, child care, food) Available quality job and business opportunities Access to public benefits and tax credits (e.g., EITC, Child Care) Asset ownership (higher education, home, business, financial investments) Knowledge and skills related to work, taxes and benefits Ability to Save Depends On: Access to affordable basic goods and services (housing, transportation, medical care, child care, food) Debt reduction Convenient, low-cost financial products (transaction and savings vehicles, credit and insurance products) Convenient, affordable financial structures (e.g., direct deposit, automatic enrollment, online banking, bank location) Knowledge and skills related to money management, financial products, and credit building and repair Ability to Build Assets Depends On: Price and appreciation of assets (higher education, home, business, financial investments) Affordable financing Access to public incentives (e.g., downpayment assistance, gov t loan guarantees, tax incentives, Pell Grants, IDA/CSA match) Knowledge and skills related to asset purchase and management PROTECT Gains must be protected against loss of income or assets, extraordinary costs, and harmful or predatory external forces Insurance (public or private): Protects against loss of income or assets as well as against extraordinary costs (e.g., unemployment, disability, life, health/medical, property) Consumer Protections: Protect consumers from discriminatory, deceptive and/or predatory practices (e.g., redlining, predatory mortgage lending, payday lending, banking practices) Asset preservation: Depends on government policies (e.g., community investments, blight ordinances, foreclosure prevention) and market conditions 2 MUNICIPAL PROFILE: CHARLOTTE

3 CFED: ASSETS & OPPORTUNITY PROFILE STRATEGIES TO BUILD FINANCIAL SECURITY Using the lens of this Framework, it is possible to look holistically at whether the needs of households in the Charlotte region are being met. This Profile aims to take the first step by providing a snapshot of the financial challenges and opportunities facing Charlotte-Mecklenburg households. The next step is to identify and fill gaps in existing services and infrastructure in ways that expand financial access and financial security among vulnerable residents. There are a number of communities across the nation where local leaders have taken up this challenge. They are expanding access to mainstream banking and wealth building opportunities as well as helping families protect the assets that they have. These leaders are pioneering new ways to leverage the resources and regulatory power of municipalities to work across departmental silos and public/private sector divides to scale up economic inclusion and asset-building opportunities for low- and moderate-income families. Below are examples of goals and strategies communities are implementing to financially educate, empower and protect their residents. Charlotte area leaders must continue to pioneer these best practices and expand the reach of existing impactful programs. GOAL Improve access to high quality financial information, education and counseling Increase access to income-boosting supports and tax credits Connect residents to safe, affordable financial products and services Create opportunities to build savings and assets Protect consumers in the financial marketplace COMMUNITY STRATEGIES Certify financial education services and increase providers Strengthen financial education in social service and workforce programs Integrate financial education opportunities into neighborhoods Build upon existing financial education and counseling networks to increase impact Launch greater VITA and Earned Income Tax Credit awareness campaigns Increase access to public benefits, education and work supports through The Benefit Bank screening Fund more free or low-cost tax preparation services Research a locally-funded EITC Increase access to low-cost transaction and saving products in partnership with financial institutions Create affordable credit products, e.g., small dollar, refund anticipation (RALs) or auto refinance loans Encourage employers to use direct deposit Provide access to short-term and emergency savings products Offer incentivized savings accounts, e.g., Individual Development Accounts (IDAs), college savings accounts, or other accounts for uses such as buying a home or a vehicle Expand access to small business capital and training and use tax time to connect businesses and the self employed to training and resources Provide opportunities for first-time homeownership through homeownership counseling or shared equity programs Support the role of micro-loan strategies and services for small business and individuals. Limit or manage the proliferation of alternative, high-cost alternative financial service providers through licensing and zoning powers Curb predatory consumer lending through enforcement of local disclosure laws or litigation Implement foreclosure prevention strategies, including foreclosure counseling, forgivable emergency loans, encouraging lender workouts, and assistance to tenants in foreclosed properties 3

4 THE ASSET POOR IN CHARLOTTE 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 insufficient net worth to support itself at the federal poverty level for three months in the absence of income, i.e., net worth of less than $4,633 for a family of three in Asset poor households would not have enough savings or wealth to provide for basic needs during a sudden job loss or a medical emergency. HOUSEHOLDS IN ASSET POVERTY BY GEOGRAPHY 36% 33% 29% 30% 29% Charlotte Mecklenburg County Charlotte Metro 1 North Carolina United States BY EDUCATION BY RACE & ETHNICITY 51% 56% Advanced Degree 14% Bachelor s Degree Associate s Degree or Some College Only 22% 41% High School Degree Only 48% 21% Black or African American Hispanic or Latino 28% BY AGE OF HOUSEHOLDER 51% 33% < 35 years old years old 27% 21% years old years old BY FAMILY STATUS Married households Households with children Single-parent households 20% 39% 61% BY HOUSING TENURE 11% of Homeowners 63% of Renters BY POVERTY STATUS 31% Households above the poverty line 2011 POVERTY LINE (family of 3): $18,530 BY HOUSEHOLD INCOME 62% 48% 32% 20% 7% 66% Households below the poverty line Below $24,383 $24,383- $45,376 $45,377- $70,126 $70,127- $107,694 Above $107,694 Source: Asset Poverty figures presented in the Profile are estimates derived from a model based on 2009 data from the Survey of Income and Program Participation (SIPP) and the American Community Survey (ACS) Public Use Microdata Sample. While these estimates are CFED s best efforts to measure local wealth holding, the model is based on a national survey of approximately 50,000 households, and caution should be used when interpreting data at a local level. 4 MUNICIPAL PROFILE: CHARLOTTE

5 CFED: ASSETS & OPPORTUNITY PROFILE CHARLOTTE POPULATION DEMOGRAPHICS Total Population , , ,758, ,535, % % % % % % % % % % % % % % % % % % % %... U.S. Citizen % % % %... Speak English Less Than Very Well % % % % ,745, % 12.6% 0.9% 4.8% 16.3% 92.7% 8.7% HOUSEHOLD FINANCES & USE OF SERVICES Median Household Income... $51, $54, $52, $44, $51,222 Income Poverty Rate % % % % % Asset Poverty Rate % % % % % Extreme Asset Poverty Rate % % % % % Households Receiving SNAP % % % % % Hseholds w/ Interest, Dividend or Net Rental Income 23.2% % % % % Unbanked Households % % % % % Underbanked Households % % % % % Median Credit Score... n/a Consumers with Subprime Credit Scores... n/a % % % % Average Credit Card Debt... n/a... $14, $13, $10, $10,852 Average Revolving Credit Utilization... n/a % % % % Average Installment Debt... n/a... $26, $25, $23, $24,151 Borrowers 90+ Days Overdue... n/a % % % % Median Household Income by Race in Charlotte $37,832 $36,535 $37,159 $66,273 $65,635 Income Poverty by Race in Charlotte 4.1% n/a 10.1% 17.7% 22.7% 0 $10k $30k $50k $70k 0 5% 10% 15% 20% 25% EMPLOYMENT & BUSINESS OWNERSHIP Annual Unemployment Rate % % % %... Average Annual Pay... n/a... $54, $48, $41, Self-Employed Workers % % % %... Microenterprise Ownership Rate... n/a Vehicle Non-Availability by Working Household % % % % % $46, % % 5

6 HOUSING & HOMEOWNERSHIP Homeownership Rate % % % %... Cost Burdened Renters % % % %... Cost Burdened Owners % % % %... Affordability of Homes Average Mortgage Debt... n/a... $194, $178, $155, High-Cost Mortgage Loans % % % %... Seriously Delinquent Mortgages... n/a % % % % 51.6% 25.6% 3.7 $190, % 4.9% Homeownership by Race in Charlotte 44.6% 49.5% 55.3% 39.2% 72.0% 0 20% 40% 60% 80% HIGHEST EDUCATIONAL ATTAINMENT Less than High School % % % %... High School Degree Only % % % %... Associate s Degree or Some College Only % % % %... Bachelor s Degree % % % %... Graduate or Professional Degree % % % % % 28.4% 28.9% 28.0% 10.4% High School Degree Only by Race in Charlotte 15.7% 15.4% 23.7% 27.1% 33.3% Bachelor s Degree by Race in Charlotte 15.7% 14.4% 23.3% 52.1% 54.0% 0 10% 20% 30% 40% 0 10% 20% 30% 40% 50% 60% HEALTH INSURANCE Uninsured Rate % % % %... Uninsured Low-Income % % % %... Uninsured Low-Income Children % % % % % 30.0% 13.1% 1 The Charlotte Metro Area is defined as the 6-county region of: Anson County, NC; Cabarrus County, NC; Gaston County, NC; Mecklenburg County, NC; Union County, NC; and York County, SC. 6 MUNICIPAL PROFILE: CHARLOTTE

7 CFED: ASSETS & OPPORTUNITY PROFILE DATA MEASURES & SOURCES Population Demographics Household Finances and Use of Services Employment and Business Ownership Data Measure Measure Description Source Total Population Total population U.S. Census Bureau, 2010 Census Percentage of population that is, non-hispanic U.S. Census Bureau, 2010 Census Percentage of population that is alone or in combination Percentage of population that is American Indian or Alaska Native alone or in combination U.S. Census Bureau, 2010 Census U.S. Census Bureau, 2010 Census Percentage of population that is alone or in combination U.S. Census Bureau, 2010 Census Percentage of population that is U.S. Census Bureau, 2010 Census U.S. Citizen Percentage of population that are U.S. citizens Speak English Less Than Very Well Percentage of population that speaks English less than very well Median Household Income Median household income in the past 12 months Income Poverty Rate Asset Poverty Rate Extreme Asset Poverty Rate Households Receiving SNAP Benefits Households with Interest, Dividend or Net Rental Income Unbanked Households Underbanked Households Percentage of all families with income in the past 12 months below the federal poverty threshold Percentage of households without sufficient net worth to subsist at the poverty level for three months in the absence of income Percentage of households that have zero or negative net worth Percentage of households that have received SNAP (Supplemental Nutrition Assistance Program) benefits in the past 12 months Percentage of households reporting any interest, dividends or net rental income in the past 12 months Percentage of households lacking both a checking and savings account Percentage of households that have a checking or savings account but have used non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements, or pawn shops at least once or twice a year or refund anticipation loans at least once in the past five years Median Credit Score Median TransUnion TransRisk score Consumers with Subprime Credit Scores Average Credit Card Debt Average Revolving Credit Utilization Average Installment Debt Borrowers 90+ days overdue Annual Unemployment Rate Average Annual Pay Self-Employed Workers Microenterprise Ownership Rate Vehicle Non-Availability by Working Household Percentage of consumers with a TransRisk Score <=700 [on a scale of ] Average amount of revolving debt (including debt from credit cards, private label cards and lines of credit) per revolving borrower Average percentage of credit limit in use per revolving borrower Average amount of installment debt per installment borrower (e.g., vehicle loans, student loans, etc.) Percentage of borrowers who are 90 days or more past due on any debt payments Annual average unemployment rate of the civilian noninstitutional population 16 years of age and older, not seasonally adjusted Average annual pay for all workers covered by unemployment insurance Percentage of workers 16 years and over who are selfemployed Number of firms with 0-4 employees (non-employer firms plus establishments with 1-4 employees), per 100 people in the labor force Percentage of households (with at least one worker) lacking access to a vehicle Estimates calculated by Compass Economics, based on U.S. Census Bureau s 2008 Survey of Income and Program Participation, Wave 4 (2009) and American Community Survey Estimates calculated by Compass Economics, based on U.S. Census Bureau s 2008 Survey of Income and Program Participation, Wave 4 (2009) and American Community Survey FDIC National Survey of Unbanked and Underbanked Households (2009); data at the city and county level are CFED estimates derived from a model based on the 2009 FDIC Survey and American Community Survey (ACS) Public Use Microdata Sample and aggregate data available through American FactFinder FDIC National Survey of Unbanked and Underbanked Households (2009); data at the city and county level are CFED estimates derived from a model based on the 2009 FDIC Survey and American Community Survey (ACS) Public Use Microdata Sample and aggregate data available through American FactFinder U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics (2010); U.S. Census Bureau, Current Population Survey (2010) U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages (2010) CFED calculation based on U.S. Census Bureau, Nonemployer Statistics (2008), County Business Patterns (2008), and Current Population Survey (2008); U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics (2008) 7

8 CFED: ASSETS & OPPORTUNITY PROFILE Housing & Homeownership Data Measure Measure Description Source Homeownership Rate Percentage of occupied housing units that are owner-occupied Cost Burdened Renters Cost Burdened Owners Affordability of Homes Percentage of renter-occupied units spending 30% or more of household income on rent and utilities Percentage of mortgaged owners spending 30% or more of household income on selected monthly owner costs Median housing value divided by median household income Average Mortgage Debt Average mortgage debt per mortage borrower High-Cost Mortgage Loans Percentage of all home purchase loans with Annual Percentage Rates 1.5 or more percentage points for a first lien loan or 3.5 or more percentage points for a second lien loan above the estimated average prime offer rate. CFED calculation based on U.S. Census Bureau, American Community Survey data Home Mortage Disclosure Act (HMDA) data (2010), accessed through Policy Map Seriously Delinquent Mortgages Percentage of all mortgage borrowers currently 90 days or more past due on mortgage loans Less than High School Percentage of population 25 and older who have not completed high school Educational Attainment High School Degree Only Associate s Degree or Some College Only Bachelor s Degree Graduate or Professional Degree Percentage of population 25 and older who have a high school degree, GED or alternative degree only Percentage of population 25 and older who have an associate s (2 year college) degree or some college only Percentage of population 25 and older who have at least a bachelor s (4 year college) degree Percentage of population 25 and older who have a graduate or professional degree Health Insurance Uninsured Rate Uninsured Low-Income Uninsured Low-Income Children Percentage of the non-elderly civilian noninstitutionalized population without health insurance Percentage of the non-elderly civilian noninstitutionalized population at or below 200% of the federal poverty line without health insurance Percentage of civilian noninstitutionalized children under 18 years of age at or below 200% of the federal poverty line without health insurance ABOUT CFED CFED (Corporation for Enterprise Development) expands economic opportunity by helping Americans start and grow businesses, go to college, own a home, and save for their children s and own economic futures. We identify promising ideas, test and refine them in communities to find out what works, craft policies and products to help good ideas reach scale, and develop partnerships to promote lasting change. We bring together community practice, public policy and private markets in new and effective ways to achieve greater economic impact. ABOUT CRISIS ASSISTANCE MINISTRY: Crisis Assistance Ministry serves the low-income citizens of Mecklenburg County, often classified as the working poor, who are facing financial emergencies and are struggling to meet life s basic needs. It is our mission to provide assistance and advocacy for people in financial crisis, helping them move toward self-sufficiency. A SPECIAL THANKS TO: We gratefully acknowledge the financial support for this profile from the Z. Smith Reynolds Foundation. We are indebted to the following cooperating agencies in the assembly of this profile: Alliance Credit Counseling, Charlotte Housing Authority, City of Charlotte, Community Link, Foundation For The Carolinas, Goodwill Industries of the Southern Piedmont, Latin American Coalition, Latino Credit Union, Legal Aid of North Carolina, Legal Services of Southern Piedmont, Mecklenburg County, Mecklenburg County Department of Social Services, Men s Shelter of Charlotte, The Housing Partnership, UNC Charlotte Urban Institute, United Family Services, United Way of Central Carolinas and Urban League of Central Carolinas. 8 MUNICIPAL PROFILE: CHARLOTTE PUBLISHED JULY 2012

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