Biden’s illegal immigration surge triggered 30% rise in home prices, $ 20% in rents, Fed paper finds

A new Federal Reserve working paper found the record surge in illegal immigration during the Biden administration triggered higher home prices and rents. The findings arrive as immigration remains a polarizing political issue. Republicans argue former President Joe Biden’s border policies strained housing and public resources, while Democrats say immigration helped ease labor shortages and supported economic growth. 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 immigration between 2021 and 2024 affected local labor and housing markets.