Trump falsely claims Fed paper shows illegal immigration drove up home prices 30%, misstating the study's findings

On Truth Social, President Trump cited a Dallas Federal Reserve working paper to claim that the 'Biden illegal immigrant wave drove up home prices 30%.' The paper actually found that unauthorized immigration accounted for about 30% of the growth in home prices in studied metro areas between 2021 and 2024, which translates to an implied effect of roughly 6.6% on average home prices—not a 30% increase in overall home prices. PolitiFact rated the claim 'Mostly False.' The working paper itself notes it is a preliminary draft that does not necessarily reflect the official stance of the Federal Reserve. Trump's post remained uncorrected, continuing the pattern of insistence on false claims despite fact-checks.

"Biden illegal immigrant wave drove up home prices 30%" Quote verified against source