This paper uses China Family Panel Studies of 2012 and 2014 year. The data examined the impact of rising housing prices on upgrading the consumption structure of urban residents. It turns out, in terms of the body, the rise in housing prices has inhibited the upgrading of the household consumption structure. For the family that rents commercial housing in the market, the rise has significantly inhibited the upgrading of the household consumption structure. The change of the proportion of high-level consumption structure to housing price is the most sensitive. For households with homes, if prices go up, the increase will significantly increase the share of households with multiple homes in the development and enjoyment of consumer spending, that is to say, multiple housing families have a greater wealth effect in the face of rising house prices. For households with one home, the wealth effect is not obvious, and the rise in house prices remains inhibitory effect, but not significant.