First-generation homeowners face information gaps, financial strain and challenges passing housing wealth to the next generation

October 20, 2026 – Buying a home is one of the biggest steps toward building wealth, but for Massachusetts’ first-generation homeowners—those whose parents did not own a home—staying in that home and passing its value on to the next generation present significant challenges, according to a new analysis from the Partnership for Financial Equity.

Closing the Wealth Gap: Survey Insights on Massachusetts First-Gen Homebuyers is based on a spring 2026 survey of Massachusetts homeowners, including 238 first-generation homeowners, conducted by the MassINC Polling Group and supported by The Boston Foundation and a collection of nonprofit housing organizations.

PFE took a deeper look at the experiences of first-generation homeowners because of the unique challenges facing households without a family history of homeownership. Amalie Zinn, PFE’s Jim Campen Non-Resident Research Fellow, is the author of the report.

Among PFE’s key takeaways:
•Only 12% of first-generation homeowners have a will or trust outlining what will happen to their home, compared with 21% of all homeowners surveyed.

•Nearly one in four first-generation homeowners (23%) cited lack of information or guidance as a barrier to buying a home, compared with 13% of homeowners whose parents owned homes.

•Nearly half of all homeowners (49%) struggled to afford housing costs in the past year, while 29% skipped or delayed essential expenses such as food, utilities or medical bills to pay for housing.

•First-generation homeowners are disproportionately homeowners of color: 68% were people of color, compared with 29% of those whose parents were homeowners.

“Homeownership doesn’t automatically translate into intergenerational wealth,” said Symone Crawford, Executive Director of the Massachusetts Affordable Homeownership Alliance (MAHA) and Vice Chair of PFE. “We need to make sure that the wealth families work so hard to build doesn’t disappear when the homeowner dies, and ensure that estate planning is broadly accessible to all.”

MAHA’s STASH program began in 2019 as the nation’s first program providing downpayment assistance to families whose parents were not homeowners.

“Massachusetts has made strides in helping first-generation families get into homes. This research shows that we also need to focus on what happens after the closing,” said report author Amalie Zinn. “If first-generation homeownership is going to help close the wealth gap over time, families need the information, financial support and legal tools to sustain homeownership and pass that wealth on.”

The findings come as Massachusetts continues to grapple with profound wealth disparities. The report cites Federal Reserve Bank of Boston research showing median wealth of $549,200 for white Massachusetts families, compared with $7,800 for Black families and $1,200 for Hispanic families.

The report calls for more focused homebuyer education, greater access to financial tools that can help homeowners withstand unexpected expenses, expanded refinancing and home-repair resources, and public-private partnerships to make estate planning more accessible and affordable.

View a slide presentation of the report’s key findings.