Massachusetts
What Massachusetts Can Do
There are many policies that Massachusetts could enact to improve its climate for asset building and preservation:
Increase Support for Homeownership: To improve homeownership rates for minorities and low-income households, Massachusetts should increase funding and establish a dedicated funding source for its housing trust fund.
Encourage Savings: To improve its below-average ranking for net worth and high level of asset poverty, Massachusetts should remove savings disincentives of very low-income households by eliminating the asset test in its Temporary Assistance for Needy Families program and expand savings incentives through Individual Development Accounts and children's savings accounts.
Support Early Childhood Education: To address its below-average rank for Head Start coverage, Massachusetts should expand coverage of early childhood education programs.
Overall Grade: A
Select a tab to see how your state fared in each issue area or a measure to see the definition, source and complete data.
- Financial Assets
& Income
- Businesses
& Jobs
- Housing
& Homeownership
- Health Care
- Education
- Community Investment &
Accountability Policies
Are there widespread opportunities for wealth creation and protection, particularly for low-income residents?
Outcome Rankings |
Issue Area Grade: C |
Outcome Measure |
Rank |
State Data |
US Data |
| Net Worth |
7 |
$157,160 |
$88,803 |
| Net Worth by Race |
31 |
31.9^ |
6.1^ |
| Net Worth by Income |
32 |
474.6^ |
44.9^ |
| Net Worth by Gender |
32 |
1.7^ |
1.2^ |
| Asset Poverty Rate |
38 |
25.0% |
22.5% |
| Asset Poverty by Race |
16 |
2.2^ |
2.3^ |
| Asset Poverty by Gender |
23 |
1.4^ |
1.2^ |
| Extreme Asset Poverty Rate |
31 |
14.8% |
14.3% |
| Income Poverty Rate |
15 |
10.5% |
12.3% |
| Unbanked Households |
23 |
22.2% |
26.8% |
Bankruptcy Rate
(per 1,000 people) |
19 |
2.1 |
2.7 |
| Median Credit Card Debt |
33 |
$3,016 |
$2,960 |
| Median Installment Debt |
12 |
$14,238 |
$14,887 |
^ This is a ratio of disparity that measures the difference in outcomes between two populations by: race (white and minority), income (high and low income groups), or gender (male and female). A ratio of 1 indicates perfect equality; the higher the ratio, the greater the inequality. |
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Is the opportunity to grow a business or get a job that pays a sufficient wage with benefits available to all those who choose to pursue it?
Outcome Rankings |
Issue Area Grade: A |
Outcome Measure |
Rank |
State Data |
US Data |
| Small Business Ownership Rate |
25 |
17.5% |
17.7% |
| Private Loans to Small Business |
40 |
$1,833 |
$2,116 |
| Microenterprise Ownership Rate |
24 |
16.1% |
16.5% |
| Women's Business Ownership Rate |
14 |
4.9% |
4.4% |
| Minority Business Ownership Rate |
20 |
4.2% |
4.9% |
| Women Owned Business Value |
19 |
$142,899 |
$144,969 |
| Minority Owned Business Value |
20 |
$176,834 |
$162,824 |
Employee Ownership
(per 1,000 firms) |
36 |
1.1 |
1.4 |
Business Creation Rate
(per 1,000 workers) |
22 |
10.0 |
9.6 |
| Employment Growth |
36 |
-0.6% |
-0.5% |
| Annual Unemployment Rate |
25 |
5.3% |
5.8% |
| Low-Wage Jobs |
3 |
8.5% |
22.2% |
| Average Annual Pay |
11 |
$43,283 |
$44,458 |
| Retirement Plan Participation |
12 |
52.2% |
47.4% |
| Employers Offering Health Insurance |
3 |
66.2% |
55.8% |
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Is the opportunity to purchase and maintain a home available to all those who choose to pursue it?
Is there broad access to health insurance as protection against income interruption and asset depletion from medical bills?
Do residents have access to the education and training they need to get ahead?
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