A Heterogeneous Study Of The Effect Of Housing Price On Resident Consumption

Recently,the rapid development of the real estate market in China has led to the rise of house prices,while the consumption of residents has gradually declined.As one of the important financial assets of family,real estate is closely related to the life of residents.The fluctuation of house price has an important impact on the consumption of residents.Therefore,an understanding of the heterogeneity of the impact of house price fluctuations on the consumption of households in China will help us to understand the direction and mechanism of its role in a more clear way.Based on the study of the household data of CFPS 2010-2018,this paper plans to study the impact of house price on consumption through the fixed effect model with a five-period unbalanced panel.The main conclusions are as follows:(1)Through the overall regression,it is found that the impact of housing prices on the consumption of households is significantly positive.(2)It is found that the sensitivity coefficient of house price to basic consumption is larger than that of high-level consumption,which shows that house price plays a stronger role in basic consumption.(3)Through the difference analysis,it is found that the house price mainly affects the consumption of young or middle-aged households with high income level.At the same time,the house price has a significant positive impact on the consumption of one or more-house owned families.In addition,the house price has a significant positive impact on the consumption of families in the east and central area in China,but the rise of the house price has a no significant positive impact on the consumption of families in the west area in China.(4)Through the intermediary effect test,it is found that the influence of house price on consumption is partly through property income transmission,and the wealth effect of house price is obvious.In view of the above research conclusions,the following suggestions are put forward in the end of this paper:(1)At present,the residents of our country mainly obtain property income through the ways of house leasing,bank interest and securities investment,so we should develop the housing market and financial market system.(2)The income gap of residents shall be narrowed based on the differentiation policy due to the income,age,housing and regional difference.(3)Residents' consumption concepts can be guided to fully play to the wealth effect.