Potential mechanisms.

This study identifies the health effect of rising housing prices on individual physical health using the Chinese General Social Survey (CGSS) data. Exploiting exogenous housing prices, I find that rising housing prices adversely affect physical health status. Heterogeneity analyses yield interesting findings. First, the adverse effects of high housing prices are pronounced in the group owning only one house. Second, significant effects of housing prices on health for the group aged 20 to 45 are observed, with no effects for the elderly group above 45. Third, males are more sensitive to high housing prices due to the intensified competition and traditional gender norm in marriage markets. I also further investigate the channel through which housing prices affect individual physical health. The findings indicate that rising housing prices can damage individual physical health via lowering social status, reducing physical exercise time and increasing mental health risk.