Trump ties Biden migrant wave to 30% of home price surge
Trump points to a Federal Reserve working paper he says links illegal immigration under Biden to nearly a third of rising home prices.
WASHINGTON D.C. — Donald Trump has mentioned the source (see justthenews) that a Federal Reserve working paper links a Biden-era illegal immigration wave to 30% of home price increases on truthsocial.
Here is the full post on truthsocial: “Fed Reserve working paper suggests Biden illegal immigrant wave caused 30% of home price increases: https://justthenews.com/government/security/fed-reserve-working-paper-suggests-biden-illegal-immigrant-wave-drove-home” on Truth Social on July 7, 2026 at 9:34 PM EST.
Federal Reserve working papers are early drafts of academic research written by economists affiliated with the Federal Reserve System (see minneapolisfed.org). They serve as preliminary studies on monetary policy, housing, and other economic questions, and many later become more polished staff reports or peer-reviewed articles (see minneapolisfed.org). Such papers do not represent official Federal Reserve policy positions.
The claim ties surging housing costs to migration levels during the prior administration, framing an economic argument around immigration. Trump directed readers to a Just the News report summarizing the paper’s findings (see justthenews).
What does the claim mean? It suggests that a rise in the population from illegal immigration increased demand for housing, which the cited paper links to a significant share of home price growth during the period.
What happens next? Working papers remain subject to revision and academic review, and any policy response would depend on how the findings are interpreted by economists and lawmakers.
In the last 30 days, 21 of 548 Trump posts were on the topic of immigration.
Source: Zenger real-time database of all Truth Social posts.
Note: Chart generated on July 7, 2026 at 9:39 PM EST
Source: Zenger analysis
Note: Table generated by https://zenger.news on July 7, 2026 at 9:39 PM EST