Donald Trump has reignited the debate over America's housing costs and immigration policy with a new social media post. Writing on Truth Social, he claimed that a Federal Reserve working paper found that the wave of illegal immigration during the Biden era pushed US home prices up by as much as 30 percent.
What Trump posted
Posting from his handle @realDonaldTrump on Truth Social, Trump directly stated that a Federal Reserve working paper suggests the Biden-era illegal immigrant wave drove up home prices by 30 percent. He tied the finding squarely to immigration policy under the Biden administration.
What the Fed research reportedly found
According to reports, a study by Federal Reserve economists concluded that the large influx of illegal immigrants during the Biden era pushed up both rents and home prices in the United States. The study reportedly points to a surge in housing demand that outpaced supply, driving prices higher.
The interest rate and economy angle
The claim lands amid a broader debate over US interest rates. In September 2024, Joe Biden praised the Federal Reserve's rate cut in a speech at the Economic Club of Washington, D.C. Then in August 2025, Fed Chair Jerome Powell suggested the central bank could cut rates soon as Trump's policies shook up the economy. Home prices, immigration and interest rates have increasingly become intertwined threads in America's economic debate.
Why this matters
Housing costs and rents remain one of the biggest pocketbook concerns for Americans. If the Federal Reserve study indeed shows a 30 percent impact from immigration on home prices, that figure is likely to become a major talking point in the ongoing political fight over immigration policy. Following Trump's post, expect immigration, housing costs and Federal Reserve policy to remain at the center of political and economic debate in the days ahead.
