Biden-era illegal immigration drove up housing costs, Fed economists find
The paper says a 1% rise in local unauthorized workers lifted home prices 2.2% and rents 1.4% in affected markets.
- Economists Daniel Wilson of the San Francisco Fed and Xiaoqing Zhou of the Dallas Fed released a Federal Reserve working paper indicating unauthorized immigration drove U.S. housing cost increases from 2021 to 2024.
- An influx of unauthorized workers equal to 1% of a local workforce raised area home prices by 2.2% and rents by 1.4%, as residential construction failed to expand to absorb demand.
- The study reports unauthorized immigration explains roughly 30% of total employment growth over that period, showing a 1-to-1 connection between increased illegal immigrant employment in a region and decreased local wages.
- President Donald Trump cited the research on social media as evidence of unauthorized immigration's economic impact, a topic he has pressed repeatedly throughout his administration.
- While the study links migration to cost pressures, it noted unauthorized workers remain ineligible for major federal public assistance programs like Medicaid, though figures promoted by the administration appear exaggerated compared to findings.
32 Articles
32 Articles
Biden’s illegal immigration surge triggered 30% rise in home prices, 20% in rents, Fed paper finds
Biden’s illegal immigration surge triggered 30% rise in home prices, 20% in rents, Fed paper finds | 7 July 2026 | A new Federal Reserve working paper found the record surge in illegal immigration during the Biden administration triggered higher home prices and rents. The paper, published by the Federal Reserve Bank of Dallas, combines immigration court records with government administrative data to measure how the unprecedented wave of illegal …
Biden's Illegal Alien Invasion Sparked 30% Home Price Growth, 20%...
A new Federal Reserve working paper adds hard data to a dire economic realities that tens of millions of hardworking Americans already face: being priced out of homeownership or trapped paying ungodly high rents. For years, the housing affordability crisis was blamed almost entirely on low interest rates, pandemic-era demand, institutional buyers, and a shortage of new construction. However, one major point was largely and conveniently ignored b…
Trump blames unauthorized immigration during Biden era drove up housing costs
President Donald Trump posted about a Federal Reserve draft paper on his social media platform as proof on how unauthorized immigration contributed to home price growth during Biden era, a matter he has pressed on several times over the years. A newly surfaced Federal Reserve working paper indicating that unauthorized immigration contributed to U.S. housing cost increases from 2021 to 2024 has become the center of a national policy debate. The s…
Biden’s Illegal Immigration Surge Accounted for 30 percent of Home-Price Growth, 20 Percent of Rent Increases › American Greatness
A new Federal Reserve working paper concludes that the surge in illegal immigration during the Biden administration increased housing demand, contributing to higher home prices […] Source
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