Illegal Immigration Under Biden Drove Home Prices 6.6% Higher, New Study Finds
By Snejana Farberov,
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July 10, 2026
Immigration Under Biden Drove Home Prices 6.6% Higher, New Study Finds"
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A recent working paper from the Federal Reserve Bank of Dallas found that the surge in illegal immigration under former President Joe Biden contributed to higher home prices and rents across U.S. cities.
The 65-page draft paper, written by economists Daniel J. Wilson and Xiaoqing Zhou, maintains that between 2021 and 2024, an "unprecedented boom in unauthorized immigration" drove up home prices by 6.6% and rents by 4.3% in the average metro.
President Donald Trump, who has pursued aggressive policies targeting undocumented immigrants since starting his second term, quickly seized on the preliminary findings.
In a Truth Social message posted on Sunday, Trump wrote, "the working paper suggests Biden illegal immigrant wave drove up home prices 30%."
However, Trump's take misinterprets Wilson and Zhou's actual findings, which instead indicated that unauthorized immigration accounted for 30% of the total increase in home prices.
https://www.sfgate.com/realestate/article/illegal-immigration-under-biden-drove-home-prices-22336525.php