Biden’s illegal immigration surge triggered 30% rise in home prices, 20% in rents, Fed paper finds | 7 July 2026 | A new Federal Reserve working paper found the record surge in illegal immigration during the Biden administration triggered higher home prices and rents. 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 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. The paper describes 2021 through 2024 as an “unprecedented boom” in illegal immigration.