The Color of Wealth in Boston
by Ana Patricia Muñoz, Marlene Kim, Mariko Chang, Regine O. Jackson, Darrick Hamilton, and William A. Darity Jr.
The Regional and Community Outreach department at the Boston Fed has a longstanding interest in reducing racial-ethnic disparities and advancing more equitable economic outcomes as part of its dual mandate to promote stable prices and maximize employment. Several years ago, its research identified racial wealth gaps as a crucial arena for making long-lasting change. Wealth not only provides a buffer during times of economic distress, but it is also a means of achieving economic security and building further economic resources. In the United States, though, wealth divides are significant and persistent, particularly between certain racial and ethnic groups.
In 2015, we published The Color of Wealth, a research study of the economic situation of those residing in Greater Boston. This research showcased dramatic differences in wealth between non-Hispanic white and Black households and created a platform that jumpstarted an urgent and sustained response from civic actors. A commitment to research and a comprehensive understanding of the economic situation of families across the region now spurs the consideration of additional opportunities for documenting wealth disparities.
Toward that end, in collaboration with community partners including the Boston Foundation, the Barr Foundation, Eastern Bank Foundation, and the Greater Boston Chamber of Commerce, we are launching a multiyear research initiative to explore wealth disparities in Greater Boston and across Massachusetts, including differences by rural, suburban, or urban residence. The findings will ultimately inform partners and the broader community as practices and policies are developed to promote equity in wealth, a key foundation for greater economic opportunity. The current goals of this project are to: