In a speech on homeownership delivered this afternoon in Phoenix, Arizona, President Barack Obama cited recent research by Americas Society/Council of the Americas and Partnership for a New American Economy (PNAE) when explaining the role of immigrants and immigration reform in strengthening the housing market.
In outlining five steps that will help to give relief to middle-class homeowners and an opportunity for others to buy homes, the president cited AS/COA-PNAE research on how immigrants boost the value of homes across the country. This study found that the 40 million immigrants living in the United States created $3.7 trillion in housing wealth, helping stabilize less desirable communities where home prices are declining or would otherwise have declined.
Obama said: "Step three [of five steps to increase homeownership] is something that you don’t always hear about when it comes to the housing market, and that is fixing our broken immigration system. It would actually help our housing market. It’s pretty simple: When more people buy homes and play by the rules, home values go up for everybody. And according to one recent study, the average homeowner has already seen the value of their home boosted by thousands of dollars just because of immigration. And the good news is, with the help of your Senators, John McCain and Jeff Flake, the Senate has already passed a bipartisan immigration bill. It’s got the support of CEOs and labor and law enforcement. This could help homeownership here. So I want you to encourage Republicans in the House of Representatives to stop dragging their feet. Let’s go ahead and get this done."
The remarks today come weeks after the White House referenced AS/COA and PNAE findings in the report called The Economic Benefits of Fixing Our Broken Immigration System.
- Explore AS/COA's and PNAE's interactive map showing the impact of immigration on U.S. home values.
- Read about AS/COA and PNAE research in the July White House report on immigrants and the economy.
- Access the White House report The Economic Benefits of Fixing Our Broken Immigration System.
- Get key facts on immigration and housing from our Get the Facts series.
- Learn about AS/COA's Immigration and Integration Initiative.
This research was made possible with support from the Rockefeller Brothers Fund.