Fed Says Illegal Immigration Is Raising Mortgage Rates

May 8, 2024

Federal Reserve Bank of Minneapolis President Neel Kashkari said Tuesday that the illegal immigration crisis is likely to blame for the rising cost of mortgage rates in the U.S., creating a burden for young couples and families.

“While the long-run effect of increased immigration on inflation is unclear, immigrants nonetheless need a place to live, and their arrival in the U.S. has likely also increased demand for housing,” Kashkari said in an essay published on the bank’s website. As a result, mortgage rates have been pushed higher with interest rates, he continued. “Perhaps a neutral [interest] rate for the housing market is higher than before the pandemic.” (LEARN MORE: Biden’s Economy Brings Misery To Men)

Who Else Agrees?

The Economist magazine wrote that “Across the G10 [group of wealthy countries] … there is no doubt immigrants need things as soon as they arrive, boosting demand [for used autos, food, etc.].” But the worst impact? “Nowhere is this clearer than in the case of rental housing, which is in short supply across the anglosphere.”

CBS said in March 2024 that the average American household cannot afford to buy a home in 2024 as they would need $106,500 annual income to be comfortable (according to data from Zillow). Just four years ago, a family would only need $59,000 per household to afford the same property. This is an almost 50% increase in the cost of owning a home since the start of President Joe Biden’s time in the Oval Office. (LEARN MORE: 55% Know Biden’s Policies Will Make Economy Worse)

Balancing The Economy Is Essential In 2024

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