Rigorous, objective research is foundational to the Federal Reserve Bank of Boston’s commitment to a vibrant economy that works for all and to help achieve the congressional mandates for maximum employment and price stability. In 2025, in partnership with The Boston Foundation (TBF) and TBF’s strategic partners—the Barr Foundation, Eastern Bank Foundation, and the Greater Boston Chamber of Commerce—the Boston Fed conducted the Massachusetts Economic Conditions and Household Opportunity Survey (Mass ECHOS) to learn more about family economic conditions across the Commonwealth. Mass ECHOS randomly sampled residential addresses across Massachusetts. It collected information from families about their assets, debts, and other economic circumstances. The survey was designed to generate results representative of the state as a whole and several groups within the state.

While many datasets provide information about household income flows, much less is known about wealth—especially on state and local levels—despite its critical role as a buffer in emergencies and a vehicle for investments. At the national level, the Federal Reserve Board of Governors collects the Survey of Consumer Finances (SCF) triennially to deepen understanding of family economics inclusive of wealth. Similar to national wealth estimates based on SCF data, Mass ECHOS data allow Boston Fed researchers to generate state wealth estimates. This state survey is comparable in size to the national SCF and includes 5,018 responses from across Massachusetts.

The data presented in this report provide a descriptive picture (not a causal analysis) of Massachusetts families’ economic conditions in 2025 by demographics and geography. Half of families in the state have an estimated wealth of $374,000 (95% confidence interval [CI]: $305,900–$442,100) or more. The findings document extensive variation in family net wealth in general, as well as across places and demographic characteristics like age, educational attainment, and race. These findings can inform areas where access to economic opportunities could be supported by the public, private, and nonprofit sectors. For example, information from this report may be useful as these sectors work to assist families in building buffers to help with emergencies or to assist with things like education and retirement.

The Boston Fed can use the Mass ECHOS data to better understand which groups across Massachusetts have sufficient wealth reserves to manage unstable prices or unexpected expenses. We can also see which segments of the population lack the means to invest in resources or training that support their current or future employment, such as higher education. A more complete picture of family resources can inform monetary policy and help the Boston Fed fulfill the Federal Reserve's congressional mandate to promote stable prices and maximum employment.

• According to Mass ECHOS data, in 2025, the estimated median family net wealth in Massachusetts was $374,000 (95% confidence interval [CI]: $305,900–$442,100). The 25th percentile was $10,000 ($2,300–$17,700), meaning that a quarter of the population held wealth at or below this value. The 75th percentile was $1,090,000 ($957,700–$1,222,300). Further, 15.7% (13.8%–17.8%) of respondents report zero wealth or negative wealth (debts that surpassed the value of their assets).
• Descriptive analyses, unadjusted for differences in other characteristics, suggest that family wealth varied within the state by family characteristics, including educational attainment, homeownership, age, and race/ethnicity. In Massachusetts in 2025, high estimated median family net wealth was associated with:
• Families with higher education levels. Those with a respondent or spouse/partner holding a graduate degree reported a median family net wealth of $947,400 ($787,200–$1,107,700).
• Homeowners: median family net wealth $790,500 ($698,900–$882,100).
• Families with the respondent or spouse/partner 65 or older: $702,500 ($607,900–$797,100).
• White families: $549,200 ($469,900–$628,500).
• Families living in rural areas: $465,000 ($235,400–$694,700), and those living in suburban areas: $447,100 ($369,600–$524,500; see main text for our characterization of rural, suburban, and urban).
• Those with the lowest estimated median net wealth in the state included:
• Families with less than a high school education, who reported median family net wealth of $1,100 (−$1,400–$3,500), and those with no respondent or spouse/partner holding higher than a high school degree or GED: $11,000 (−$18,800–$40,800).
• Hispanic families: $1,200 (−$1,400–$3,800), and Black families: $7,800 (−$7,600–$23,300).
• Renters: $1,500 ($100–$2,900).¹
• Younger families, with a respondent or spouse/partner under 45: $97,000 ($47,100–$146,900).
• Families living in cities: $110,000 (−$7,500–$227,500).
• An estimated 35.4% (32.7%–38.1%) of families in the state said they could not cover a $400 emergency expense with cash or its equivalent.
• About a third of Massachusetts families (33.2%, 30.4%–36.2%) had a will or estate plan in 2025

1. Note that this includes all renters including any students renting off campus. Those in dormitories and some other group quarters are excluded from the sample, as are other institutionalized populations.