House price fluctuation on the influence of the urban consumption aroused widespread concern. Adopting the panel data about urban residents’ income on different levels in Chongqing and consumption panel data, this paper compares the regional consumption differences in districts divided according to the idea of “One Ring Two Wings” and thus examines the influences of house price fluctuation on income and consumption. Besides, the paper introduces annual index of GDP per capita which reflects the level of macroeconomic and annual growth rate of savings amount as control variables and carries on the investigation with stock financing amount as the instrumental variable of house selling price. The result shows that: there are inevitable cause-and-effect relationship between per capita disposable income and consumption spending under house price fluctuation and also significant consumption differences among urban residents on different income levels. Besides the rising of house price has the crowding-out effect on all urban residents while the house wealth effect is not effective; the disposable income of current period is the most important factor in determining real estate consumption. Hence, raising the income level of resident, adjusting income distribution structure, increasing the people’s livelihood engineering investment are effective ways to increase consumption spending.