A recent study by the Federal Reserve Bank of Boston found that Massachusetts families have a median net wealth of $370,000. However, the study also highlighted significant racial wealth gaps, with white families having an estimated median net wealth of $549,200, compared to $305,000 for Asian American, Native Hawaiian, and Pacific Islander families, $1,200 for Hispanic families, and $7,800 for Black families.

Racial Wealth Gaps

The study found that about 41% of Hispanic families and 31% of Black families held zero or negative net wealth. In contrast, high wealth was associated with factors like higher education levels, homeownership, and families with older adults.

The study also found that nearly 16% of respondents reported no wealth or negative wealth, in which their debts exceeded the value of their assets. Median net wealth was highest in rural parts of Massachusetts, at $465,000, and trailed closely by wealth in suburban areas, at $447,100.

Emergency Expenses

The study also found that just over a third of families said they would be unable to cover a $400 emergency expense, such as car repairs or an illness, with cash or its equivalent. In Greater Boston, 33.4% of families said they could not pay an unexpected $400 expense, while in Gateway Cities, that figure climbed to 50.1%.

Original reporting: NBC10 Boston — read the source article.