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.
“According to the U.S. Congressional Budget Office, net entry of this category of immigrants added roughly 7 million people to the U.S. population over 2021 to 2024 (1.75 million per year), nearly double that of legal immigration,” the report states:
To put this growth in perspective, net unauthorized immigration—that is, immigration of individuals who entered the country without being formally admitted for purposes of immigration law— averaged only 0.1 million a year from 2000 to 2019 and was slightly negative from 2010 to 2019. [Emphasis added]
…
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]
The report confirms what prior studies have similarly found, mainly that mass immigration has a severe impact on home prices for Americans, mostly driving up costs for first-time home-buyers.
A Housing and Urban Development (HUD) investigation published last year found that Biden’s importing of millions of migrants drove up prices for Americans who are low-income but who do not receive public assistance.
“One key cause of elevated worst-case needs is immigration. Between 2021 and 2024, the foreign-born population of the United States increased by more than 6 million—the largest such increase over such a short period in American history,” the HUD probe found.
“This immigration-driven increase in households has contributed to a significant increase in housing demand, thus driving up housing prices,” the HUD probe continues. “In fact, in some markets, immigration has accounted for nearly all of the increase in housing demand in recent years.”
In September 2025, economists in Denmark published research that found that mass immigration hugely drives up rents and home prices for the local population.
“Our results suggest large and positive impacts of immigration on private rental prices and house prices at the municipal level,” the researchers detail:
More specifically, we find that a one percentage point increase in the local immigration influx over a five-year horizon relative to the local population in the base year 1995 leads to an average increase of approximately 6 percent and 11 percent in private rental prices and house prices at the municipal level, respectively, during the same period.
[Emphasis added]
Likewise, in 2024, Center for Immigration Studies researcher Steven Camarota revealed a similar statistic to the United States Congress, stating that “a 5-percentage-point increase in the recent immigrant share of a metro area’s population is associated with a 12-percent increase in the average U.S.-born household’s rent, relative to their income.”
John Binder is a reporter for Breitbart News. Email him at [email protected].
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