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isten to Financial Freestyle on Apple Podcasts, Spotify, or your preferred podcast platform. The US housing market is facing a perfect storm: mortgage rates hover between 6% and 7%, while inventory remains scarce. This has made buying a home extremely challenging. President-elect Donald Trump campaigned on addressing the affordability crisis by deporting undocumented immigrants, claiming they drive up housing costs. However, real estate experts like Matt Garland (aka the Mortgage Guy) disagree.

    Garland points out that immigrants make up a significant portion of the US construction workforce. "Mass deportation would be a game changer for the construction market," he warns. With 11 million undocumented workers in the country, mostly of working age, and nearly 14% of the construction workforce being undocumented, Trump's plans could severely impact the sector.

    Garland expects labor and supply costs to rise if deportations occur, further reducing an already slim new home supply. This would lead to higher prices for buyers, as builders and banks pass on increased costs. "The consumer will suffer," Garland says. With high home prices and limited inventory, buyers must plan carefully to make a smart purchase.

    "There are many people who still can't qualify or afford homes at these payments," Garland notes. "We have less buyer demand, but a huge issue: housing inventory."