By using the empirical study based on CFPS database，this paper investigates the relationship between real estate property owned and consumption of Chinese household. In theory， this paper distinguishes between stock and flow of Chinese household property wealth， discussing the effect on consumption from both stock and flow perspectives. Referring to Maslows hierarchy of needs， the family consumption is divided into four categories according to the level， and the family heterogeneity is fully considered. The sample is classified according to the ownership of the family housing property， the number of households owned by the family and the space floor of the family. This paper also elaborately compares household consumption with family housing assets value and price as well as its structural differences. Empirical study results show that： the family housing assets only has a weak “assets effect”， but the housing liabilities as “negative assets” will bring a strong “debt effect”. In addition， there is no “wealth effect”where the family housing prices rise， but rapidly growing housing prices will increase non owned housing consumption through the “substitution effect”