# Illegal immigration under Biden raised housing costs, Fed study finds

Federal Reserve economists concluded that a surge in illegal immigration during the Biden administration contributed to higher housing costs. The study links increased demand for rental units and limited housing supply to the influx. This finding underscores the economic trade-offs of immigration policy amid a nationwide housing affordability crisis.

**Importance:** 3/5

## Sources

### Business
- [Fox News Business](https://www.foxbusiness.com/politics/biden-era-illegal-immigration-drove-up-housing-costs-fed-economists-find) — Sun, 05 Jul 2026 17:45:21 GMT