As a dual carrier of educational resources and economic assets, school district housing has become an important tool for family educational investment and social class reproduction. This paper takes Shanghai's X District as an example to explore, from a sociological perspective, the purchasing behaviors of different groups regarding school district housing and their educational investment returns. It reveals the key role of school district housing in the accumulation of cultural and social capital. The study finds that high-income families, the middle class, and the working class in X District exhibit different demand tendencies when purchasing school district housing, reflecting goals of obtaining high-quality educational resources, expanding social capital, and achieving upward social mobility, respectively. The phenomenon of school district housing exacerbates the imbalance in the distribution of educational resources and limits social mobility.