Family wealth in Massachusetts: Findings from the 2025 Massachusetts Economic Conditions and Household Opportunity Survey (Mass ECHOS)

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.