Abstract
Based on the fixed-effect model, with a five-period unbalanced panel data from China Family Panel Studies (CFPS) in 2010, 2012, 2014, 2016 and 2018, this paper studies the effect and the transmitting channel of housing price on consumption. The results show that the effect of housing prices on the consumption of households is significantly positive and the rise of housing price has a stronger effect on the promotion of basic consumption. Further analysis of the differences shows that house prices mainly affect the consumption of high-income families, young and middle-aged families, families with multiple suites, and households in the eastern and central regions. In addition, the intermediary effect test shows that the impact of house prices on consumption is partially transmitted through property income.
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