Since the housing reform in 1998, the housing price keeps rising momentum. Rising house price makes asset appreciation for owner-occupied housing urban family, but also aggravated pressure for the households. Housing wealth inequality makes a gap between the region and urban family internal, the "Matthew effect" of the urban residential market is increasingly significant. In this paper, using the quantitative about 35 large and medium cities in 1998-2014 annual Data and the Panel Data model to analyze the existence of the housing wealth effect, regional difference and time difference, the results proved that there is weak wealth effect in 35 large and medium cities housing, the eastern city has the housing wealth effect, the crowding effect exists but is not significant foe central city, the crowding effect is obvious for the western city;Early housing reform, urban residential market has certain crowding effect, in 2003, with price rising rapidly, housing wealth effect appeared gradually; But after the financial crisis, the speculative effect of the real estate market and price rising too fast, making the wealth effect of the urban residential market gradually decline.
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