Real estate wealth effect of Chinese households: an empirical study based on micro survey data

This paper, based on the China Household Finance Survey (CHFS), discusses the impact of house values on overall household consumption. The research shows that there is a significant influence on the overall consumption of the family by the availability of home ownership and the value of housing. Specifically, the total wealth effect of real estate is larger, and the effect of housing value on household durable goods consumption is less than that of nondurable goods. At the same time, the results show that the wealth effects of younger, lower-income families are more pronounced.