Fed Says Biden's Illegals Accounted for Whopping 30 Percent of Home Price and Rental Rate Growth

Americans are still paying the price for former President Joe Biden’s disastrous open-border policies, and the damage goes far beyond crime, drugs, and national security.

A new working paper from the Federal Reserve Bank of Dallas is now shedding light on another painful consequence: Biden’s border crisis appears to have made housing and rent even more expensive for American families.

According to the paper, illegal immigration accounted for roughly 30 percent of the increase in housing prices and 20 percent of the increase in rents. Fox Business noted that the researchers did not find evidence that home construction kept pace with the surge in population. In plain terms, millions of new arrivals entered the country while the housing supply failed to grow fast enough to absorb them.

The authors estimated that roughly 7 million additional people entered the United States during the Biden administration.

For years, critics warned that Biden’s refusal to secure the border would bring consequences. The solution was never complicated: secure the border, enforce immigration law, and remove those in the country illegally. Instead, Americans were left to deal with the fallout.

The human cost was already impossible to ignore.

Laken Riley, a 22-year-old nursing student at Augusta University in Georgia, was murdered in February 2024 by Jose Ibarra, a Venezuelan national who had entered the United States unlawfully in 2022.

Months later, 12-year-old Jocelyn Nungaray of Houston, Texas, was killed by two illegal immigrants from Venezuela who had entered the country earlier that year.

These cases became national symbols of a broader betrayal. Americans were told border security was cruel, outdated, or unnecessary. But families across the country were forced to live with the consequences of an administration that prioritized illegal immigration over public safety and the rule of law.

The left’s usual defense of mass immigration has always been economic. Progressives argue that illegal immigrants take jobs Americans supposedly will not do, bring needed labor, and help fill roles in industries like construction, agriculture, and hospitality.

But the Dallas Fed paper cuts directly against that narrative.

If millions of people enter the country while housing construction fails to keep up, the result is predictable: more demand, tighter supply, higher rents, and a housing market that becomes even more punishing for young Americans, working families, and first-time homebuyers.

That matters because the American dream is already slipping further away from millions of citizens.

According to the Federal Reserve Bank of St. Louis, the median sales price of a home in the first quarter of 2000 was $165,300. By the first quarter of 2026, it had climbed to $403,200.

Many young adults who were born during a far more affordable housing era are now graduating from college, starting careers, getting married, and trying to build families in an economy where homeownership feels increasingly impossible. Instead of buying their first home, many are stuck paying high rents, living with roommates, or delaying major life milestones.

Housing prices cannot be blamed entirely on Biden’s border policies. Inflation, interest rates, zoning restrictions, construction costs, and supply shortages all play a role.

But the evidence now suggests that Biden’s immigration failures made the crisis worse.

For ordinary Americans, this is not a spreadsheet problem. It is the monthly rent payment. It is the down payment they cannot save. It is the starter home they cannot afford. It is the family they are delaying because Washington chose chaos over sovereignty.

President Donald Trump’s second-term border agenda now faces a clear mandate: restore law and order, protect American workers, reduce pressure on communities, and put citizens first.

The Biden years proved what happens when a nation abandons its borders. The question now is whether America will finally reverse course before the dream of homeownership disappears for another generation.