[Editor's note: this piece was co-authored by John Bonura and Selene Rodriguez]

Homeownership has long been one of the defining features of the American dream. For many young families today, it feels increasingly out of reach.

While policymakers have spent years debating interest rates and zoning reform, they have largely ignored one of the biggest demand shocks in modern American history.

According to a report from the Federal Reserve Bank of Dallas, the surge in illegal immigration from 2021-2024 accounted for roughly 30 percent of the increase in home prices and 20 percent of rent growth during that period.

While housing prices are just now beginning to decrease, due in large part to efforts at the state, local, and federal levels, many Texans are still feeling the sting of simply affording a place to live. According to the National Association of Homebuilders, two-thirds of American households cannot afford a new-build single-family home, and that every increase of $1,000 prices out another 156,405 households.

To understand the pressure placed on the housing market, one must first grasp the scale of immigration the nation experienced........

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