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Dallas Fed: Illegal Immigration Drives 30% Home-Price Gains

6/29/2026

Summary

Story summary

Federal Reserve Bank of Dallas issued a paper showing the 2021-2024 surge in illegal immigration raised home prices and rents.
Illegal immigrant inflows made up 30% of employment growth and a similar share of home-price gains in metro areas.
A 1% rise in unauthorized workers matched a 1% rise in employment with stable wages.
Regions with unauthorized inflows had lower government transfers, indicating labor participation while housing demand outpaced construction.

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Story summary

Federal Reserve Bank of Dallas issued a paper showing the 2021-2024 surge in illegal immigration raised home prices and rents.
Illegal immigrant inflows made up 30% of employment growth and a similar share of home-price gains in metro areas.
A 1% rise in unauthorized workers matched a 1% rise in employment with stable wages.
Regions with unauthorized inflows had lower government transfers, indicating labor participation while housing demand outpaced construction.