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Federal Reserve study links illegal immigration to higher home prices
‘The Big Money Show’ discusses mortgage rates, property taxes and the struggle home sellers are facing.
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 KEY STRATEGY RED STATES ARE USING TO LOWER HOUSING COSTS REVEALED
A “for sale” sign is posted outside a single family home for sale on Aug. 22, 2025, in Pasadena, California. (Mario Tama/Getty Images)
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.
The authors caution the study is a preliminary draft circulated for professional comment and does not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System.
Researchers found the influx of illegal immigrants boosted employment with little measurable effect on wages but significantly increased housing demand.
ONE TYPE OF PROPERTY IS QUIETLY SAVING AMERICANS THOUSANDS OF DOLLARS
President Joe Biden walks along a stretch of the U.S.-Mexico border in El Paso, Texas, on Jan. 8, 2023. (AP Newsroom)
A 1% increase in unauthorized workers relative to a local labor force corresponded with roughly a 1% increase in overall employment, with no evidence the immigration surge reduced average wages. The same 1% increase, however, was associated with a roughly 2.2% rise in home prices and a 1.4% increase in rents. Researchers found little evidence that homebuilding expanded enough to meet the added demand, concluding the influx acted as a housing demand shock in markets where supply was already constrained.
The economists estimate unauthorized immigrant worker flows accounted for about 30% of employment growth, roughly 30% of home-price growth, and about 20% of rent growth in the average metropolitan area between March 2021 and March 2024.
They stress these estimates apply to the average metro area studied and do not suggest immigration was the sole driver of rising housing costs nationwide.
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Contractors raise a framed wall in Folsom, California, on March 6, 2025. (David Paul Morris/Bloomberg via Getty Images)
The paper describes 2021 through 2024 as an “unprecedented boom” in illegal immigration.
Citing Congressional Budget Office estimates, the authors said net unauthorized immigration added roughly 7 million people to the U.S. population before slowing sharply in mid-2024.
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Thailand will host the 2026 IMF and World Bank Annual Meetings, emphasizing its progress and readiness. The event highlights Thailand’s dynamic infrastructure, cultural richness, and status as a global destination.
Thailand Steps into the Global Spotlight
Bangkok, 25 June 2026 – The Tourism Authority of Thailand (TAT) proudly announces the countdown to the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), set to take place from 12–18 October at the Queen Sirikit National Convention Center in Bangkok. This prestigious event will see thousands of delegates arriving, including finance ministers and global leaders. It marks Thailand’s second time hosting, the first being in 1991, and represents its significant return to the international arena.
Symbol of Progress and Resilience
Returning after 35 years, the Meetings showcase Thailand’s evolution as a dynamic regional hub with modern infrastructure and excellence in hosting major international events. The theme “Thailand’s New Horizons: Empowering People, Building Resilience” highlights the nation’s progress and readiness to engage in global economic discussions. Visitors will find reassurance in Thailand’s safety, connectivity, and welcoming atmosphere, with Bangkok poised to offer cultural and vibrant experiences.
Unveiling Thailand’s Identity
More than just a formal gathering, this event is an opportunity to highlight Thailand’s rich cultural heritage, creativity, and warm hospitality. It underscores global confidence in Thailand as a destination for meaningful dialogue and business interactions. TAT invites everyone to stay updated via official channels as Thailand eagerly prepares to host the world in October 2026. For more details, visit www.am2026thailand.go.th.
Source : TAT marks countdown to 2026 IMF-World Bank Group Annual Meetings in Bangkok
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