A new survey of Massachusetts households has found that the typical family holds net wealth of $374,000, but more than a third can't afford an unexpected $400 expense with the money they have available. The findings come from the 2025 Massachusetts Economic Conditions and Household Opportunity Survey, or Mass ECHOS, which was published by the Federal Reserve Bank of Boston and surveyed 5,018 people between March and December 2025. The report examines family wealth across the state, breaking down differences by geography, education, housing status, age, and race.
The survey reveals sharp divides in wealth across different groups. Families where someone holds a graduate degree have median net wealth of roughly $947,400, while those without a high school diploma hold just $1,100. Homeowners' median wealth stands at $790,500 compared to $1,500 for renters. Those 65 or older have accumulated $702,500 in median wealth, versus $97,000 for families under 45. White families hold median wealth of $549,200, Asian, Native Hawaiian, and Pacific Islander families hold $305,000, Black families hold $7,800, and Hispanic families hold $1,200. Rural residents have median wealth of $465,000, while city dwellers hold $110,000. At the 25th percentile, family wealth sits at $10,000, while at the 75th percentile it reaches $1.09 million. About 18.3% of families statewide lack enough wealth to cover an average car repair costing $838, rising to 28.3% in the state's 26 Gateway Cities.
The report was led by Beth Mattingly, an assistant vice president at the Boston Fed whose work centers on family financial stability. "A lot of data exist about income, but we don't know as much about wealth, even though it's so critical to family economic stability," Mattingly said. The authors emphasize that the report is a "descriptive analysis" meant to provide a snapshot of family wealth at a specific moment, not to predict future trends or explain the reasons behind the patterns. The survey also found that inheritances are relatively uncommon: an estimated one in seven families has received a monetary gift or inheritance, and roughly one in six expects to receive one in the future. The authors calculated wealth by tallying assets like bank accounts, stocks, and bonds, then subtracting debts such as student loans and credit card balances.
Understanding how individual households are doing matters because broad economic indicators can hide what's happening at the family level, according to Mattingly. The Fed has a congressional mandate to pursue price stability and maximum employment, and knowing how families are faring helps fulfill that mission. The report was developed alongside The Boston Foundation and its strategic partners, including the Barr Foundation, Eastern Bank Foundation, and the Greater Boston Chamber of Commerce. Lee Pelton, president and CEO of The Boston Foundation, said the survey provides "an unprecedented exploration of household wealth in Massachusetts" and will inform collaborative solutions to improve outcomes for all families in the state. The authors hope the findings will serve as a resource for policymakers, businesses, nonprofits, and philanthropic organizations working to expand economic opportunity, filling long-standing gaps in understanding about how wealth is distributed across the Commonwealth.