Fed study links Biden's immigration surge to rising home prices

A Federal Reserve report links the surge in illegal immigration between 2021 and 2024 to increased housing demand, raising home prices by approximately 2.2% and rents by 1.4%. The influx boosted local employment and contributed significantly to overall labor market growth without affecting wages, but the housing supply remained insufficient to absorb the increased demand. This housing demand shock has worsened affordability issues, highlighting the impact of immigration on housing costs in areas with limited supply.

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