Abstract: As an important livelihood security and family core asset, housing has become an important factor affecting the accumulation of family wealth. Based on the unbalanced panel data of China Household tracking survey(CFPS) from 2012 to 2022, combined with the theory of financialization, this paper empirically tests the impact of housing inequality on family wealth accumulation and its mechanism by using fixed effect model, intermediary effect model and regulatory effect model. The results show that: the area, value and quantity of housing inequality significantly expand the difference of family wealth accumulation, and remain stable after controlling the characteristics of head of household, family and city; The mechanism analysis shows that housing financialization presents an inhibitory transmission mechanism. The three dimensions of housing inequality inhibit wealth accumulation through financialization. The financial literacy of household heads plays a positive regulatory role and strengthens the wealth transformation efficiency of housing resources; Heterogeneity analysis shows that urban-rural differences, financial deepening gradient, family asset endowment and human capital level jointly affect the realization intensity of family wealth effect. Accordingly, it provides empirical basis and policy enlightenment for optimizing housing policy, guiding the healthy development of housing finance, and promoting common prosperity.