Fed Says Biden's Illegals Accounted for Whopping 30 Percent of Home Price and Rental Rate Growth
We are now beginning to understand the economic consequences of former President Joe Biden’s disastrous border policy.
It was devastating enough to have illegal aliens trafficking drugs while rapists and murderers rampaged through the streets during this totally preventable disaster, but now a working paper from the Federal Reserve Bank of Dallas has shed some light on the devastating impact the policy had on housing and rent prices.
It’s just more evidence that the Biden administration will be remembered as being among the worst the country has ever seen.
According to the paper, illegal immigration was responsible for 30 percent of housing price increases and 20 percent of total rent increases.
Fox Business noted that the paper did not find evidence that home building kept pace with the invasion; there were simply not enough homes for all these people.
The authors estimated that an additional 7 million people came into the country during the Biden administration.
The fix was simple — close the border and deport illegal aliens.
The lives ruined were enough to spark calls for change.
A 22-year-old nursing student at Augusta University in Augusta, Georgia, Laken Riley, was murdered as she resisted rape by an illegal immigrant on Feb. 22, 2024. The murderer was a Venezuelan national, 26-year-old Jose Ibarra, who had entered the United States unlawfully in 2022.
In June of that year, 12-year-old Jocelyn Nungaray of Houston, Texas, was sexually assaulted and murdered by two illegal aliens, also from Venezuela, who had entered the country earlier that year.
These are unfortunately only two cases of many in which Americans were betrayed by Biden, who put illegal immigrations first.
The left’s common rebuttal to any criticism of waves of these people flooding over the border is economic.
They say these immigrants take the jobs Americans will not do.
They say they bring a tremendous work ethic.
Who, they ask, would do construction work and fill positions in the service industry if they were not here?
The findings of the Reserve Bank are a blow to this narrative.
Young generations have become increasingly cynical about the American dream. Millions of them aspire to one day own homes and have families.
After learning how tremendously expensive the latter would be, they have found themselves renting at high prices with multiple roommates.
According to the Federal Reserve Bank of St. Louis, for the first quarter of 2000, the median sales price for a home was $165,300. For the first quarter of 2026, it was $403,200. Many first-time potential homebuyers — potential before looking at the market — were likely born during that more affordable time.
Now, being recent college graduates, newlyweds, and people working their first career job, they are faced with a very different scenario.
Housing and rent prices can’t be attributed exclusively to Biden and his border policies, but they undeniably have put the home-buying dream further out of reach.
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