Clarifying the relationship between real estate and debt financing costs of real enterprises is of great significance for promoting the balanced development of real estate industry and real economy. Based on the data of listed enterprises from 2005 to 2020, this paper uses the mediating effect model and panel threshold model to test the mechanism and threshold effect of housing price rise on the debt financing cost of real enterprises. The results show that the increase of housing price reduces the allocation of credit resources of real enterprises, which leads to the increase of their debt financing costs. However, with the easing of financing constraints brought by the continuous rise of housing prices, it shows the characteristics of phased decline.