Massachusetts Families Have Median Net Wealth of $370,000 Amid Racial Disparities

A new study by the Federal Reserve Bank of Boston and The Boston Foundation found that Massachusetts families have a median net wealth of $370,000. However, this figure varies greatly depending on factors such as race, age, education level, homeownership status, and place of residence.

The survey highlighted significant racial wealth gaps in Massachusetts. White families had an estimated median net wealth of $549,200, while Asian American, Native Hawaiian, and Pacific Islander families had a median net wealth of $305,000. In contrast, Hispanic families had a median net wealth of just $1,200, and Black families had a median net wealth of $7,800.

About 41% of Hispanic families and 31% of Black families held zero or negative net wealth. The report also found that nearly 16% of respondents reported no wealth or 'negative' wealth, in which their debts exceeded the value of their assets.

The study examined various financial assets that contribute to net wealth, including checking and savings accounts, stocks, bonds, mutual funds, and primary residence equity. Non-financial assets include vehicle equity and business equity. The report found that high wealth was associated with factors like higher education levels, homeownership, and families with older adults.