本文构建了一个包含房价高速增长、住房需求内生和生命周期特征的Bewley模型，用于研究高房价对中国城镇居民储蓄率和财产不平等的影响。文中发现，房价的高速增长通过引致富裕家庭投资性住房需求的增加而进一步推高了房价，部分年轻家庭为了追赶房价不得不提高储蓄率，而部分贫穷家庭也因其无法获得足够的住房而使得城镇家庭住房不平等程度增加。高房价对居民储蓄、投资行为的扭曲作用使得城镇居民的福利水平普遍下降，其中中低收入阶层下降最多。

This paper builds a lifecycle Bewley model which incorporates the rising housing price and endogenous housing demand, in order to investigate on the effects that housing price may have on household saving rate and wealth inequality in urban China. This paper finds that the rising housing price stimulates the investment housing demand of the rich, which in turn boosts the housing price. A subset of young households have to save more in order to catch up with the housing price while more households are not able to purchase their own homes, leading to higher Gini coefficient of housing asset. The distortion induced by the housing price generally implies welfare loss for urban residents, among which the mid-low income households suffer most.