The Interaction and Disequilibrium between Income Gap and Housing Price Rise:A Simultaneous Equation Test Based on CGSS Data

Based on the data of China Comprehensive Social Survey (CGSS), this paper constructs a simultaneous equations model including relevant macroeconomic characteristics and household asset structure, and uses the 3SLS model to study the two-way relationship between house price rise and income gap. The results show that:from the national level, there is interaction between the rising house price and the income gap; from the regional level, there is imbalance between the two, and the rising house price caused by the widening income gap is more significant. Therefore, from the perspective of maintaining social equity, the government should pay attention to and prevent the income gap from widening, at the same time, continue to restrain the property of real estate investment, and let housing return to the nature of residence.