A so-called “policy expert” at the liberal Cato Institute, known for its open borders advocacy, said that Sen. J.D. Vance (R-Ohio)'s statement that “immigrants increase home prices for Americans” He admits that his statement is correct.
“I don't want to blame immigration for rising housing prices, but Kamala Harris has allowed millions of illegal aliens into this country, driving up costs,” Vance said during Tuesday night's vice presidential debate. I want to criticize him.”
The 25 million illegal aliens competing with Americans for scarce housing is one of the biggest drivers of housing prices in this country. That's why, under the leadership of Kamala Harris, we've seen a huge increase in home prices, paralleled by a huge increase in the illegal alien population. [Emphasis added]
On Wednesday, Alex Nowras of the Cato Institute said: published In an article titled “J.D. Vance is right: Immigration drives up home prices, and that's OK,” the libertarian admits that large numbers of immigrants are driving up home prices.
“Vance is right that immigration drives up home prices,” Nowras wrote.
Like all prices, home prices are determined by the intersection of supply and demand. If the housing supply curve is upward sloping, housing prices will rise due to increased demand from immigrants. After all, immigrants are people who want a roof over their heads. [Emphasis added]
…
Bringing the discussion back to Springfield, Ohiowhere Vance started, home prices rose as more Haitian immigrants moved in. According to Redfin, The median sales price of single-family homes sold there rose from $78,500 in August 2019 to $158,000 in August 2024, an increase of 101 percent in nominal terms.. The national increase over the same period was 46% in nominal terms. As a result, conditions are worsening for renters and first-time homebuyers in Springfield. And homeowners, most of whom are locally born, are better off. [Emphasis added]
At a recent House Oversight Committee hearing, Steven Camarota, director of research at the Center for Immigration Studies, said in his analysis that “a 5 percentage point increase in the share of recent immigrants in a metropolitan area's population is an increase in population growth. It is associated with a 12 percent increase in Average rent relative to income for U.S.-born households. ”
Camarota noted that large numbers of immigrants are particularly driving up rents.
“With so many people coming to this country, the demand for rental properties will increase, which should have a significant impact on home prices…The Census Bureau reports that rent increases in 2023 will be by far the largest in a decade. “It was,” Camarota said.
John Binder is a reporter for Breitbart News. Email jbinder@breitbart.com. Follow him on Twitter here.
