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A Federal Reserve Bank of Dallas working paper has found that the record surge in illegal immigration between 2021 and 2024 drove measurable increases in home prices and rents across U.S.
metropolitan areas, offering the most data-intensive accounting yet of how unauthorized migration reshaped local housing markets.
The study, which compiled individual immigration court records alongside government administrative data, estimates illegal immigrant worker inflows explained roughly 30% of home-price growth and about 20% of rent growth in the average metropolitan area over that three-year period.
What the Data Show The core finding is a demand shock, not a wage shock.
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