The data series

How Mass Immigration Impacts

48%

Of the variation in a metro’s home price-to-income ratio moves with its foreign-born share

Across all 109 U.S. metros over 500,000 people. ACS 2024. A correlation of 100% would mean housing cost rose in perfect lockstep with the foreign-born share and 0% would mean no relationship at all, so 69% (r = 0.69) is strong: 48% of the variation in what a home costs relative to local income moves with how much of the metro was born abroad.

5.2x
Home price to income where over 10% foreign-born
60 metros. Against 3.2x in the 4 metros under 5%.
+1%
Rent increase per 1% of a city’s population arriving
Saiz (2007), identified with a shift-share instrument.
64%
Of the foreign-born population lives in just 20 metros
The same metros where building is hardest.
9.4x
Home price to income in Los Angeles, the highest of any large metro
Los Angeles is 33.4% foreign-born.
7.4x
Home price to income in San Jose, San Francisco, New York, Seattle and Miami
Averaging 34% foreign-born. Cleveland, Columbus, Tampa, Jackson and Kansas City average 3.8x at 9%.
19.7%
Of under-35 households own their home in San Francisco, against 41.0% in Cleveland
San Jose 20.1%, New York 22.7%, Seattle 27.0%. Kansas City 39.6%. ACS 2024, table B25007.

Sources

U.S. Census Bureau, American Community Survey 2024 1-year (median home value, median household income, median gross rent, foreign-born share by metro); Saiz, "Immigration and housing rents in American cities," Journal of Urban Economics 61.2 (2007); Migration Policy Institute.