Craig Carman

speaker

75 appearances 1 recordings 1 series first heard Jun 2026 last heard 26 Jun

Craig Carman’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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WSJ Your Money Briefing · The Housing Crisis: Your Biggest Questions, Answered · 26 Jun 2026 podcast

Yeah, it's a complicated question.

And you're right, it's become a highly political one.

And there was a study from the Urban Institute, a think tank in 2023, that said home loans to undocumented immigrants living in the U.S.

are legal but not very common.

There was around 5,000 or so loans.

mortgages to undocumented immigrants.

And consider that is out of a total that year of about 3.4 million mortgages for home purchases.

On the rental side, it's a bit more complicated and there's potential for impact there.

The Pew Center said that undocumented immigrants lived in a little more than 6 million households in the U.S., rental households, and that's about 10% of all the rental households.

I think they are, to some, they're not the driving factor.

The National Association of Home Builders said that tariffs, which includes stuff like on steel and aluminum, added about $10,000 to the cost of building a new home.

And when you consider that the average home costs about $400,000 to build...

$10,000 adds to it, but it's not a huge driving factor.

I think in the end, the cost of land, the cost around permitting, infrastructure requirements, conforming with zoning restrictions and building codes, those tend to be bigger factors pushing up the cost of housing.

And as you were alluding to earlier, labor costs are rising.

And with a lot of

construction companies relying on immigrant labor and often undocumented labor, it's getting tougher to find people to work on their construction sites, and that is pushing up the cost.

That's right.

I mean, I think what both local and federal governments are trying to do is spur more supply through new construction.

But the existing home market counts for about 90 percent of all housing transactions.

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