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Dallas Fed Report: Biden’s Record-Breaking Illegal Immigration Raised Home Prices for Americans​


President Joe Biden’s record inflow of illegal aliens to the United States raised home prices and rents for Americans, a report from the Federal Reserve Bank of Dallas details.
Biden’s immigration agenda brought millions of illegal aliens to the U.S. in record time. By the end of the Biden administration, the nation’s foreign-born population hit nearly 52 million — the largest ever in American history.
The Federal Reserve report reviewed the impact of illegal immigration on housing prices from early 2021 to early 2024 and found that adding more people to the U.S. population drove up costs.

We then turn to the effects of unauthorized immigration on the broader local economy, focusing in particular on the housing market. We start by estimating the effects on house prices, rents, and new housing supply. First, we find that during the boom period an increase in unauthorized immigrant worker flows equal to 1% of a local area’s initial employment increased local house prices by 2.2% and increased local rents by 1.4%. The impact on rents is slightly smaller for single-family units and slightly larger for multi-family units. These magnitudes are similar to those found by Saiz (2007) based on legal immigration over the 1985-1998 period. A back-of-the-envelope calculation suggests that [unauthorized immigrant worker flows] can explain about 30% of the total growth in house prices and 20% of total growth in rents over the boom period for the average local market. [Emphasis added]
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www.breitbart.com

Fed Report: Biden's Record-Breaking Illegal Immigration Raised Home Prices for Americans

Joe Biden's inflow of illegal aliens raised home prices and rents for Americans, a report from the Federal Reserve Bank of Dallas details.
www.breitbart.com www.breitbart.com
 
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