From 2022 to 2024, two-thirds of the rental demand in the United States was attributable to the foreign-born population in the US. This comes as rental prices have been outpacing inflation numbers.
According to the Housing and Urban Development’s (HUD) recently released “Worst Case Housing Needs Report,” which is published every two years, the foreign-born population accounted for over 60 percent of all rental demand in the US.
“Immigration accounts for up to 100 percent of housing demand growth in some regions, and for two-thirds of rental demand growth nationwide. In California and New York, immigrants have accounted for 100 percent of all rental growth and over one-half of all growth in owner-occupied housing in recent years,” HUD added.
The report is the agency’s flagship assessment on housing status for lower-income Americans and the affordability of housing. It was found that the heavy influx of foreign nationals in the US has strained the housing industry, pushing rental prices higher. In places like California and New York, the immigrant population accounted for 100 percent of all rental growth.