Abstract: Based on CHFS2011, this paper separately estimated the impaction of housing and housing price on living consumption and non-living consumption. We found that the housing price through the wealth effect stimulated living consumption and non-living consumption for the families which owning house. However, the housing price reduced household consumption through the substitution effect for the homeless families. Specifically, in the entire consumer distribution, the housing price increased family consumption with a "U" shape positively whereas decreased the non-living consumption gradually. The variables of household income, educational level and rural-urban distributions are significantly influenced the family consumption. However, there are some differences of the dependency ratio on the family consumption between living consumption and non-living consumption.

Key words: Housing price, Household consumption, Wealth effect, Substitution effect, Conditional Quantile Regression