The Federal Reserve issued a report attributing approximately 30% of the increase in home prices to illegal immigration.
Said by Bob Onder, Checked Updated
- Sources
- 1 contradict4 support3 context
- Said
- 1 time·
- Confidence
- 70%
The Fox News RundownOct 23, 2026
The Dallas Fed working paper, a preliminary draft, attributes roughly 30% of the total growth in home prices from 2021 to 2024 to unauthorized immigration, matching the claim's figure. The post said 'housing costs' and the claim says 'home prices', a minor wording difference.
What was said
… Six of those dollars has come under Trump. And so why do you want to put the party back in power that created 9% inflation, that created open borders, that allowed people to come in, that massively the Fed said 30% of the increase in housing costs was from illegal immigration? You know, and so many of these issues, when you break it down, you have an actual conversation, a nuanced conversation, you see the failure of the Biden policies and the Democrats themselves. That's what they want to go back to. …
The Fox News Rundown · · from the transcriptPost →What we found
Supports. The Dallas Fed white paper states that illegal immigration accounted for 'about 30 percent of the total growth in house prices' from early 2021 to early 2024.[2]
Supports. Coverage of the paper reports that unauthorized immigration explains roughly 30% of home-price growth in the average metro, derived from a 6.6% increase against a 22.4% total rise.[3][4][5]
Contradicts. PolitiFact finds Trump exaggerated the rental-price effect: the paper attributes 4.3 percentage points of the 22.6% rent increase (about 19%) to unauthorized immigration, not the larger share he claimed. This concerns rents, not the home-price figure in the claim.[1]
Context. WSJ and Washington Post commentary say the paper's findings are less conclusive and less dramatic than the president suggested, and that the paper is a preliminary draft.[6][7][8]
Sources
8 sources: 1 fact-checker, 2 tier 2, 5 not rated
- 1Trump exaggerates about how much illegal immigration ...politifact.com · fact-checker · cited for: contradicts
- 2Federal Reserve Bank of Dallas white paper shows illegal ...cbsnews.com · tier 2 · cited for: supports
- 3Illegal Immigration Under Biden Drove Home Prices 6.6% Higher, New Study Findsrealtor.com · not rated · cited for: supports
- 4Fed working paper links surge in illegal immigration to ...idahonews.com · not rated · cited for: supports
- 5Fed report reveals impact of Biden immigration surge on housing pricesdeseret.com · not rated · cited for: supports
- 6The Latest Housing Scapegoatswsj.com · tier 2 · cited for: context
- 7Did immigration drive up housing prices? Trump touts a draft Fed ...yahoo.com · not rated · cited for: context
- 8Did Biden's Immigration Surge Push Up Home Prices ... - Newsweeknewsweek.com · not rated · cited for: context
Where this claim was made
Said in 1 published post
Checked 2 times
Each check reads the sources again. The newest verdict is the one this page states.
- · latestTrue
- False