Currently,　China＇s　aging　population,　high　savings　rate　and　high　housing　asset　prices　coexist,　which　has　become　a　hot　issue　in　academic　research.　First,　considering　the　life-cycle　hypothesis　and　overlapping　generations　model,　asset　prices　are　negatively　correlated　with　the　population　dependency　ratio　and　positively　correlated　with　household　savings.　Second,　based　on　census　data　from　prefecture-level　cities,　a　pooled　regression　model　and　two-stage　least　squares　(2SLS)　are　used　in　this　empirical　research.　The　child　dependency　ratio　was　found　to　have　a　significant　negative　impact　on　housing　prices,　while　the　elderly　dependency　ratio　had　a　positive　impact　on　housing　prices.　The　positive　relationship　between　household　savings　and　housing　prices　is　highly　significant.　Finally,　the　interaction　analysis　shows　that　the　impact　of　population　aging　on　housing　prices　differs　under　different　levels　of　household　savings;　thus,　population　aging　affects　housing　prices　through　household　savings,　and　the　mediator　dilutes　and　weakens　this　impact.　The　elderly　generation＇s　release　of　savings　could　gradually　inhibit　housing　prices.　Population　aging　causes　long-run　downside　risks　but　not　a　market　meltdown.