A Study On The Difference Of The Impact Of Urban Household Real Estate Ownership On Consumption

In recent decades,house prices have experienced a rapid process of rising,high prices brought about by increased wealth is easy to change consumer behavior.On the one hand,real estate accounts for a large proportion of household wealth,and rising house prices will lead to a large increase in the value of these assets.All walks of life in our country begin to pay attention to real estate.On the other hand,the investment function of real estate can help families to obtain additional income,thereby stimulating consumption.Only reasonable consumption tendency can stimulate the sustainable development and prosperity of economy,the study of the relationship between real estate and consumption plays an important role in promoting the healthy development of economy.Therefore,this paper uses multivariate regression and multilevel model to study the impa ct of real estate on consumption from different angles.In this paper,we first examine the impact of real estate ownership on household consumption from a micro perspective.Based on a large micro database CFPS,we use multiple regression models to test the impact of real estate ownership on urban household consumption.At the same time,based on the different ownership of real estate to test the heterogeneity of consumption,we draw the following conclusions:(1)The value of real estate has a great promoting effect on consumption.(2)The number of household real estate has a positive effect on consumption.However,with the increase of the number of real estate,this effect shows a decreasing trend.(3)The impact of housing property rights on consumption is not significant.(4)Rent has a positive promoting effect on consumption,and the amount of real estate loan has a significant negative effect on consumption.The effect of compensation amount on consumption is not signficant.(5)Property consumption in the east and centre region is significant.In order to examine the different economic background,property wealth effect is how to play a role.Therefore,this paper uses the multi-layer model,through the introduction of district per capita GDP as a macro-control factor,to study how the real estate ownership changes household consumption under different economic levels.The results show that the better the regional economic level,the greater impact rent on household consumption.Therefore,we can consider from three aspects to strengthen the guidance of the housing market,so as to promote sustainable and healthy economic development.First of all,different housing buyers implement differentiated control policies;secondly,strengthen asset management;finally,pay attention to the management of income distribution.