{"id":181636,"date":"2025-03-14T15:06:15","date_gmt":"2025-03-14T21:06:15","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=181636"},"modified":"2025-03-14T15:06:19","modified_gmt":"2025-03-14T21:06:19","slug":"immigration-has-helped-boost-property-values-but-at-a-cost","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/immigration-has-helped-boost-property-values-but-at-a-cost","title":{"rendered":"Immigration Policies Have Helped Boost Your Property Values\u2014But Not Without a Cost"},"content":{"rendered":"\n

Immigration is a particularly contentious issue these days. It came in second amongst Republicans and fifth overall as the most <\/span>important<\/span> issue for voters <\/span>in the 2024 election<\/span><\/a>. (Unsurprisingly, the economy came in first.)<\/span><\/p>\n\n\n\n

Immigration itself, however, is a broad term and can <\/span>really<\/span> be split into (at least) three subgroups: high-skilled immigration, low-skilled immigration, and illegal immigration.<\/span><\/p>\n\n\n\n

The United States issues about <\/span>1 million green cards<\/span><\/a> (legal permanent residence) <\/span>per year<\/span>.<\/span> In 2022, there were 12.7 million lawful permanent residents in the United States, of which about <\/span>1 million are granted citizenship each year<\/span><\/a> (after an arduous process). Currently, the foreign-born population in the United States <\/span>stands at a record<\/span><\/a>, both in terms of the number (51.5 million) and percent of the population (15.6%), with both of those numbers expected to increase in the years to come.<\/span><\/p>\n\n\n\n

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Center for Immigration Studies<\/a><\/span><\/em><\/figcaption><\/figure>\n\n\n\n

Regarding illegal immigration, the population has moved substantially to the right on this issue over the past few years, with one <\/span>New York Times <\/span><\/em>poll finding <\/span>that 55% of voters<\/span><\/a> support \u201cdeporting all immigrants who are here illegally.\u201d <\/span>This<\/span> includes <\/span>32% of Democrats<\/span><\/a>, by the way. <\/span>Such a policy was once considered<\/span> extreme, but given the chaos on the southern border in 2022 and 2023, opinions shifted quite dramatically.<\/span><\/p>\n\n\n\n

This<\/span> is true even for legal immigration. <\/span>According to Gallup<\/span><\/a>, in 2021, there was virtual parity between those who wanted to increase immigration and those who wanted to decrease immigration. In June 2024, 55% wanted immigration reduced, versus only 16% who wanted it increased. <\/span><\/p>\n\n\n\n

Of course, such a policy would <\/span>have an enormous effect on<\/span> the economy.<\/span> The usually quoted number of 11 million illegal immigrants is almost certainly too low. Indeed, that\u2019s the same number that has <\/span>been given<\/span> since the early 2000s! A 2018 Yale study used mathematical models of various demographic data to estimate that there were <\/span>22.1 million immigrants<\/span><\/a> living in the country illegally at that time. <\/span><\/p>\n\n\n\n

Between 2022 and 2023, the number of migrants illegally crossing the southern border skyrocketed. There were an unprecedented <\/span>7.2 million encounters<\/span><\/a> at the <\/span>southern<\/span> border, with 1.8 million known and likely millions of unknown \u201c<\/span>gotaways<\/span>.\u201d Indeed, it got so bad that even liberal bastions such as New York were complaining about <\/span>being unable to handle the influx<\/span><\/a>. <\/span><\/p>\n\n\n\n

The Congressional Budget Office<\/span> concluded that<\/span><\/a> \u201cthe net immigration of other foreign nationals exceeds that rate by <\/span>a total of<\/span> 8.7 million people over the 2021-2026 period.\u201d Thus, in all likelihood, <\/span>there are somewhere between 25 million and 30 million people living<\/span> in the United States illegally. <\/span><\/p>\n\n\n\n

Deporting at least 5% and possibly almost 10% of your population would be incredibly difficult, prone to abuse, and would almost certainly throw the United States into a recession. (Although <\/span>it should be noted<\/span> that the Dominican Republic <\/span>did something like this<\/span><\/a> in 2024 without much media attention.) Of course, in contrast to the acute problems such deportations would cause the economy, such <\/span>large<\/span> levels of illegal immigration can create chronic economic <\/span>problems<\/span>, which will be discussed, along with the benefits and costs of legal migration, particularly for the real estate industry.<\/span><\/p>\n\n\n\n

First, however, we should address Donald Trump\u2019s policies regarding immigration. It will likely aggravate those on both sides of the aisle to say so, but it\u2019s <\/span>quite<\/span> clear that most of what Trump\u2019s administration has done thus far is merely theatrical. <\/span><\/p>\n\n\n\n

Trump\u2019s Mostly Rhetorical Immigration Crackdown<\/span><\/h2>\n\n\n\n

Dr. Phil tagging along for a televised ICE raid<\/span><\/a> might make for an entertaining (or disturbing?) video, but it\u2019s hardly emblematic of what is <\/span>currently<\/span> happening. No, the deep state is not being rooted out, nor is a fascist government <\/span>being erected<\/span>. But the 24\/7 news cycle is certainly being filled.<\/span><\/p>\n\n\n\n

In fact\u2014contrary to a fake chart claiming that the daily encounters of migrants at the border <\/span>were somehow negative<\/span><\/a>\u2014the Trump administration is <\/span>on pace to deport fewer people<\/span><\/a> in 2025 than the Biden administration did in 2024. The incredible surge happened in 2022 and 2023. <\/span>In 2024, Biden tightened <\/span>up<\/span> border security, <\/span>which <\/span>has<\/span> continued<\/span><\/a> into 2025 under Trump.<\/span><\/p>\n\n\n\n

\"\"
Axios<\/a><\/span><\/em><\/figcaption><\/figure>\n\n\n\n

In fact,<\/span> ICE has <\/span>apparently<\/span> marked almost every press release of a <\/span>major<\/span> immigration raid as \u201c<\/span>Updated: 01\/24\/2025<\/span><\/a>,\u201d making any Google search look, depending on your perspective, as if law and order <\/span>has<\/span> finally returned or a fascist police state has <\/span>been<\/span> erected<\/span>, while <\/span>really<\/span> nothing out of the ordinary has <\/span>actually<\/span> taken place. <\/span><\/p>\n\n\n\n

For example, I searched \u201cbig ICE arrests,\u201d and the second result was a press release from ICE <\/span>stating<\/span><\/a>, \u201cICE arrests more than 1,700 during largest-ever nationwide gang surge.\u201d <\/span>At the bottom, it notes the story <\/span>was updated<\/span> on 01\/24\/2025, but it <\/span>actually<\/span> happened on Sept. 30, 2008.<\/span><\/p>\n\n\n\n

As for Trump\u2019s flurry of executive orders, all of them on immigration have <\/span>been blocked<\/span> by injunctions<\/span><\/a>. The most newsworthy one\u2014ending birthright citizenship\u2014while <\/span>much more defensible<\/span><\/a> than most pundits say (and what\u2019s <\/span>most common throughout the world<\/span><\/a>) will almost certainly be <\/span>overturned by the Supreme Court<\/span><\/a>. <\/span><\/p>\n\n\n\n

With that out of the way, let us now look at how immigration\u2014both legal and illegal\u2014affects the economy in general and real estate in particular. <\/span><\/p>\n\n\n\n

Immigration and the Economy<\/span><\/h2>\n\n\n\n

Right off the bat, immigration\u2019s <\/span>effects on the economy<\/span> are muddled<\/span> by the difficulty of assessing causation. For example, when free-market economist Milton Friedman was making the case for laissez-faire, he <\/span>would often say<\/span><\/a> how people \u201cvote with their feet.\u201d In other words, people tend to move to places that are doing well economically in search of opportunities. So, countries doing well are (more likely) to seek immigrants, and migrants are more likely to want to go to such countries. <\/span><\/p>\n\n\n\n

Thus, almost by definition, countries with a lot of immigration do better economically than countries without. But what is the cause? Does the economy bring immigrants, or do immigrants improve the economy? Both, perhaps? <\/span><\/p>\n\n\n\n

More accurately, it depends\u2014both on that country\u2019s situation and regarding whom you are speaking of. As with most things, immigration has both winners and losers.<\/span><\/p>\n\n\n\n

Ironically, the broad economic effects of immigration are contrary to the <\/span>economic<\/span> priorities of the parties that ostensibly want more or less immigration. Republicans tend to prioritize economic growth over equality, which liberalized immigration policies encourage. Democrats prioritize equality and poverty alleviation, which large-scale immigration undermines. (Although, of course, this has nothing to do with the desires of any individual immigrant.) <\/span><\/p>\n\n\n\n

There are certainly some exceptions. A good number of those on the libertarian right (like the Cato Institute and the Koch brothers) <\/span>basically<\/span> support open borders, and Bernie Sanders, at least used to <\/span>be,<\/span> a skeptic, calling \u201copen borders\u201d a \u201c<\/span>Koch brothers proposal<\/span><\/a>.\u201d<\/span><\/p>\n\n\n\n

But today, Senator Sanders has moved to where most liberals are. Such liberals tend to discuss the humanitarian aspects of a more open immigration system but <\/span>also<\/span> note what some libertarians emphasize: the boon to GDP immigration provides. Free market economist Michael Clemens describes a highly liberalized immigration system as \u201c<\/span>trillion-dollar bills on the sidewalk<\/span><\/a>\u201d:<\/span><\/p>\n\n\n\n

\u201cFor labor mobility barriers, the estimated gains are often <\/span>in the range of<\/span> 50%\u2013150% of world GDP. <\/span>In fact,<\/span> existing estimates suggest that even small reductions in the barriers to labor mobility bring enormous gains. In the studies of Table 1, the gains from <\/span>complete<\/span> elimination of migration barriers are only realized with epic movements of people\u2014at least half the population of <\/span>poor countries<\/span> would need to move to rich countries. But migration need not be that large <\/span>in order to<\/span> bring vast gains.\u201d<\/span><\/em><\/p>\n\n\n\n

There\u2019s no doubt that<\/span> people moving from low-income to high-income countries will boost the GDP of the country being immigrated to, and almost by default, the world GDP as well.<\/span> However, there\u2019s a lot wrong with this analysis. <\/span><\/p>\n\n\n\n

For one,<\/span> to judge a country\u2019s economic health, we should look at GDP per capita more than GDP in general.<\/span> If <\/span>both<\/span> the population and GDP go up 5%, no one is <\/span>any<\/span> better off than before.<\/span> Second, we should <\/span>be looking<\/span> at <\/span>purchasing power parity<\/span><\/a>, not just GDP. (Poor countries are cheaper to live in than rich countries). <\/span><\/p>\n\n\n\n

But more importantly, such economists tend to hold things constant, assuming immigration won\u2019t affect the underlying dynamics of an economy and society. In his paper, Clemens notes that \u201cmore than 40% of adults in the poorest quartile of countries \u2018would like to move permanently to another country.\u2019\u201d That is over 1 billion people. Would simply relocating them all massively increase GDP? <\/span>Or would it<\/span>, more likely,<\/span> cause the infrastructure to collapse and break the country <\/span>up<\/span> into civil war?<\/span> <\/span><\/p>\n\n\n\n

Such destabilizations are not unprecedented. Indeed, the <\/span>V\u00f6lkerwanderung <\/span><\/a>of Germanic peoples into the Roman Empire <\/span>is partially credited<\/span> by many historians for the collapse of the (Western) Empire in 476. <\/span>With a more moderate influx, we would likely <\/span>just<\/span> see a stress on civil services, which we have seen <\/span>in multiple states<\/span><\/a>.<\/span> <\/span><\/p>\n\n\n\n

The dynamics of the countries being emigrated from should also be considered<\/span>. The so-called \u201c<\/span>brain drain<\/span><\/a>\u201d can harm <\/span>poor countries<\/span> as many of their brightest move abroad.<\/span><\/p>\n\n\n\n

Immigration as a poverty relief mechanism is also woefully inadequate. Roy Beck\u2019s <\/span>gumball demonstration<\/span><\/a> makes this quite apparent, as even the 1 million immigrants brought into the United States is nowhere near enough to even slightly ameliorate the condition of the 3 billion people worldwide making less than $2 a day. <\/span><\/p>\n\n\n\n

The conclusion for rich countries also seems highly questionable. For example, China has seen enormous economic growth\u2014<\/span>way outpacing the United States<\/span><\/a>\u2014despite having a net immigration rate of –<\/span>0.1%<\/span><\/a>. <\/span><\/p>\n\n\n\n

\"\"
Wenzel America<\/a><\/span><\/em><\/figcaption><\/figure>\n\n\n\n

The <\/span>same comparison<\/span><\/a> could be made<\/span> between China and <\/span>the European Union<\/span><\/a>. <\/span><\/p>\n\n\n\n

In addition, we could look at American history, where economic growth was <\/span>extremely<\/span> robust during <\/span>the migration boom of the mid-to-late 19th century<\/span><\/a>, the lull between 1924 and 1965 when <\/span>immigration was notably restricted<\/span>, and afterward when <\/span>it was once again liberalized<\/span>.<\/span><\/p>\n\n\n\n

The connection between immigration and economic growth is muddled, to say the least. However<\/span>, still<\/span>, most research concludes that increased immigration <\/span>increases economic output<\/span><\/a>. <\/span><\/p>\n\n\n\n

The downstream effects are more notable. A <\/span>basic<\/span> analysis of supply and demand would conclude that increasing the supply of something\u2014in this case, labor\u2014would decrease <\/span>its<\/span> demand and thereby put downward pressure on wages.<\/span><\/p>\n\n\n\n

A common complaint from many corporate lobbies is that they \u201cneed more labor.\u201d <\/span>This<\/span> is most commonly heard<\/span> regarding STEM professions. But labor is (mostly) like any other good. If you want more labor, you could always raise the price, i.e., wages. Likewise, it shouldn\u2019t be surprising <\/span>to find<\/span> that the <\/span>supposed STEM shortage is a myth<\/span><\/a>.<\/span><\/p>\n\n\n\n

One could counter that immigrants also become job creators. However, such immigrants would rarely become job creators <\/span>the moment<\/span> they stepped off the boat. So, for any equilibrium effect on employment between immigrant employees and employers to be reached, immigration would have to stop (or be reduced) for <\/span>a period of time<\/span>. Anne Case and Angus Deaton reluctantly concluded this was plausible in their book <\/span>Deaths of Despair<\/span><\/a><\/em>, which was otherwise pro-immigration.<\/span><\/p>\n\n\n\n

Indeed, <\/span>most studies<\/span><\/a> tend to<\/span> find this effect, but only amongst low-skilled workers and only to a small degree, usually less than 1%.<\/span><\/p>\n\n\n\n

\"\"
The Brookings Institute<\/a><\/span><\/em><\/figcaption><\/figure>\n\n\n\n

However, it\u2019s more complicated than this when you dig deeper and look at longer-term effects, particularly in industries with a large percentage of immigrant labor. <\/span>It\u2019s hard to explain various anomalies, like <\/span>the fact that slaughterhouses pay<\/span> 44% less<\/span><\/a> today than they did in 1970, looking at the studies above.<\/span> Liberal economist Paul Krugman <\/span>pointed out<\/span><\/a> back in 2006 that it was \u201cintellectually dishonest\u201d to <\/span>simply<\/span> say immigrations \u201c\u2018do the jobs that Americans will not do.\u2019\u201d<\/span> <\/span><\/p>\n\n\n\n

\u201cThe willingness of Americans to do a job depends on how much that job pays\u2014and the reason some jobs pay too little to attract native-born Americans is competition from poorly paid immigrants.\u201d<\/span><\/em><\/p>\n\n\n\n

Harvard economist George Borjas\u2019 <\/span>research has found that<\/span><\/a> \u201cwage trends over the past half-century suggest that a 10% increase in the number of workers with a particular set of skills probably lowers the wage of that group by at least 3%.\u201d<\/span><\/p>\n\n\n\n

\"\"
George Borjas, <\/em>Immigration and Economic Growth<\/em><\/a>, NBER Working Papers<\/em><\/figcaption><\/figure>\n\n\n\n

Overall, Borjas found that in 2015, immigration increased the nation\u2019s wealth by <\/span>$2.1 trillion<\/span><\/a>. However, 98% of that went to the immigrants themselves, leaving the rest of the <\/span>nation<\/span> with about $50 billion above what they would have otherwise had. <\/span>This<\/span> sounds perfectly fine, except the problem is there was a transfer of $515 billion from native workers to their employers.<\/span><\/p>\n\n\n\n

There are many reasons why productivity and wages <\/span>have decoupled<\/span><\/a>, and wages have been relatively flat for many years <\/span>now<\/span>. And immigration is by no means the <\/span>biggest<\/span> cause. <\/span>Outsourcing <\/span>has had a similar effect<\/span><\/a>, and technology is <\/span>probably<\/span> the <\/span>biggest<\/span> contributor<\/span><\/a>, among many other factors.<\/span> But immigration has <\/span>clearly<\/span> contributed. <\/span><\/p>\n\n\n\n

Immigration and Society<\/span><\/h2>\n\n\n\n

A <\/span>major<\/span> problem with the immigration debate is that it lumps every immigrant together into one amorphous blob despite the many different attributes of the many <\/span>different<\/span> immigrants. <\/span>Indeed, <\/span>148 Nobel Prize winners were immigrants<\/span><\/a> to the United States<\/span>, as well as<\/span> the founders or parents of the founders of <\/span>46%<\/span><\/a> of Fortune 500 companies.<\/span> <\/span><\/p>\n\n\n\n

On the other hand, all 19 9\/11 hijackers were in the country on visas of one sort or the other, and the various ethnic mafias that terrorized many cities throughout much of the 20th century came over in the wave of immigration in the late 19th and early 20th centuries. <\/span><\/p>\n\n\n\n

Another problem is that the effects of policy (say, the mess at the border between 2022 and 2023) get blamed on people, namely, the immigrants themselves, who are usually just trying to make a better life for themselves and their families, and nothing to do with whatever nonsense was going on in Washington at the time.<\/span><\/p>\n\n\n\n

Immigration does open a country up to new cultures, foods, and music, adding to the mosaic of our daily lives. Unfortunately, large-scale immigration likely <\/span>reduces social capital<\/span><\/a> (people\u2019s network of relationships), at least for a time. If done poorly, it can create ethnic ghettos <\/span>of<\/span> what amounts to parallel societies within the same area. <\/span><\/p>\n\n\n\n

We saw this in the early 20th century (e.g., Little Italy, Chinatown, etc.). These ethnic groups amalgamated into a more cohesive whole during the mid-to-late 20th century, but today, we again see <\/span>significant ethnic segregation<\/span><\/a> in most American municipalities. <\/span><\/p>\n\n\n\n

Fortunately, in the U.S. <\/span>at least<\/span>, immigrants commit <\/span>substantially less crime than native-born citizens<\/span><\/a>. <\/span>This<\/span> even includes illegal immigrants. Unfortunately, part of the reason for this is that immigrants tend to be older than the most criminally inclined cohort (<\/span>men between the ages of 15 and 25<\/span><\/a>). <\/span><\/p>\n\n\n\n

The median age of a green card recipient <\/span>is 35 years old<\/span><\/a>. What we see with second-generation Americans is that their crime rate i<\/span>s\u2026a<\/span>lmost <\/span>exactly<\/span> the same as the rest of Americans<\/span><\/a>. <\/span><\/p>\n\n\n\n

The median age of an immigrant in the United States is <\/span>47 years old versus 37<\/span><\/a> for native-born Americans. While that\u2019s not a problem in and of itself, it does mean that our already underfunded entitlement systems will be stressed further by large-scale immigration. <\/span><\/p>\n\n\n\n

Thus, while legal immigrants tend to have <\/span>a positive fiscal impact<\/span><\/a> (at least those with a college degree), given the age distribution of new green card recipients, immigration itself won\u2019t help alleviate the <\/span>large fiscal imbalances<\/span><\/a> we already have once more start retiring. Immigrants who come to the United States unlawfully tend to have a decidedly negative fiscal impact and exacerbate it. <\/span><\/p>\n\n\n\n

Immigration and Real Estate<\/span><\/h2>\n\n\n\n

That said, immigration\u2019s effects on the real estate market can\u2014as with the economy in general\u2014<\/span>be seen<\/span> in either a positive or negative light. As <\/span>Lindsay Frankel wrote on BiggerPockets<\/span><\/a>:<\/span><\/p>\n\n\n\n

\u201cWhen immigrants move into a community, the demand for housing goes up. The expanded population also supports <\/span>an increase in<\/span> economic activity due to more demand for local goods and services. As a result, home values rise.\u201d<\/span><\/em><\/p>\n\n\n\n

One study<\/span><\/a> she cites notes, \u201cAn increase in the number of immigrants equal to 1% of an MSA\u2019s total population <\/span>was linked<\/span> with a 0.8% increase in rents and a 0.8% increase in home prices.\u201d Furthermore, \u201c[t]his same increase in immigrants was associated with a 1.6% rise in rents and a 9.6% rise in home prices in surrounding MSAs.\u201d<\/span><\/p>\n\n\n\n

Is this good or bad? <\/span>Well,<\/span> it\u2019s <\/span>good<\/span> for homeowners and municipalities who see their wealth and property tax receipts go up.<\/span> On the other hand, it\u2019s bad for renters and aspiring buyers who must pay more for rent and find it more <\/span>difficult<\/span> to buy. (<\/span>It should be noted<\/span> that <\/span>homeownership amongst the young<\/span><\/a> is the lowest it has been in many decades, with <\/span>affordability<\/span><\/a> the primary reason.)<\/span><\/p>\n\n\n\n

Like with the economy in general, immigration tends to boost economic growth but benefits capital over labor. <\/span><\/p>\n\n\n\n

Home prices in the United States have <\/span>almost doubled in the last 10 years<\/span><\/a>, and indeed, this is a phenomenon that has been <\/span>seen throughout Europe<\/span><\/a>.<\/span><\/p>\n\n\n\n

\"\"
European Parliament<\/a><\/em><\/figcaption><\/figure>\n\n\n\n

Many European countries have taken in many immigrants in the last decade, but not all <\/span>of them<\/span> have. Hungary, for example, took in relatively few, yet was No. 1 in housing price increase at 172.5%. So, this is by no means a 1-to-1 correlation.<\/span><\/p>\n\n\n\n

There are many reasons for these price increases (including <\/span>insufficient new construction<\/span><\/a>). Furthermore, something like <\/span>34% of construction workers<\/span><\/a> are immigrants, which would make any large-scale deportations slow an increase in new supply that could alleviate high housing prices. <\/span><\/p>\n\n\n\n

Final Thoughts<\/span><\/h2>\n\n\n\n

Immigration has a lot of varying effects on an economy, good and bad. Overall, immigration has played an <\/span>important<\/span> role in American history, and immigrants have played a valuable role in our society. <\/span>That said, <\/span>there are<\/span> serious<\/span> costs to large-scale migration <\/span>that<\/span> need to <\/span>be considered<\/span> when making policy.<\/span><\/p>\n\n\n\n

The mess at the border in 2022 and 2023 was indefensible, and <\/span>the border should be secured<\/span> and illegal immigration curtailed. As for legal immigration, we have experienced one of the <\/span>largest<\/span> movements of people in history over three consecutive generations. And now, with <\/span>artificial intelligence (AI) threatening many jobs<\/span><\/a> among the young and low-income (so far), we should be very concerned about an admittedly yet-to-materialize labor glut that could cause <\/span>all sorts of<\/span> economic pain and social problems. <\/span><\/p>\n\n\n\n

As an owner of real estate, upward pressure on prices has <\/span>certainly<\/span> benefited me personally. <\/span>But the affordability crisis is causing widespread social harm, and addressing it in multiple ways is<\/span>, in my judgment,<\/span> the appropriate response.<\/span> <\/span><\/p>\n\n\n\n

That being said, when it comes to immigration policy, there are many pluses and minuses to consider, and despite the heated rhetoric on both sides, <\/span>rarely<\/span> a simple answer. We should all do our best to remember that.<\/span><\/p>\n\n\n\n

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Immigration is a particularly contentious issue these days. It came in second amongst Republicans and fifth overall as the most important issue for voters in the 2024 election. (Unsurprisingly, the […]<\/p>\n","protected":false},"author":1689,"featured_media":181626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4433,7384],"tags":[],"class_list":["post-181636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","category-politics-policy"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/181636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1689"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=181636"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/181636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/181626"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=181636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=181636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=181636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}