Fed Reserve working paper suggests Biden illegal immigrant wave drove up home prices 30%

A new Federal Reserve Bank of Dallas working paper estimates the record surge in illegal immigration during the Biden administration boosted employment while driving up home prices by as much as 30% and rent by 20%.

The paper combined immigration court records with government administrative data to create the first ever calculation of how a wave of 7 million illegal immigrants from 2021 through 2024 affected local labor and housing markets.