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Source:
The Boston Globe
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Massachusetts Family Wealth Insights
A new report by the Federal Reserve Bank of Boston highlights persistent racial and ethnic wealth disparities in Massachusetts. It shows that Black families have a median net worth of $7,800, Latino families $1,200, while white families possess $549,200, and Asian American, Native Hawaiian, and Pacific Islander families $305,000. Homeownership disparities, rooted in historical discriminatory policies, significantly contribute to these gaps, with only 39% of Black households owning homes compared to 70% of white households. The findings emphasize ongoing structural barriers affecting wealth accumulation for minority groups in the state.
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