Maryland’s Report Card

October 31, 2009

According to the Baltimore Sun:

On financial assets and income, which looks at poverty, bankruptcy rates, credit card debt and net worth, Maryland received a “C.” The state’s median household net worth of $163,788 is the fifth highest in the country. (Levere says the net worth figures come from government data before the recession, so next time around the figure will likely be less.)

Even with that wealth, Marylanders have piled on the debt. The median credit card debt is $3,391, with only four other states carrying larger balances. The median installment debt – which includes car loans – reached $16,250, putting Maryland again near the bottom in 45th place. And the state ranked 28th in bankruptcies. The study recommends that the state encourage savings by matching contributions that low-income residents make to certain savings and education accounts.

In the area of housing and homeownership, the state received a “C.” While Maryland did better than many states on homeownership, it fared poorly on the level of high-cost mortgage loans.

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