148. Depressive emotions and psychological mechanisms triggered by falling housing prices in family financial management

Abstract Background Housing property is a major part of family assets, and its value changes affect financial conditions and mental health. In recent years, falling urban housing prices have become common, leaving many families facing asset shrinkage and financial pressure. Studies show that major property loss greatly increases depression risk, yet most research focuses on acute crises like unemployment or bankruptcy. Little work examines depressive emotions triggered by falling housing prices as a chronic stressor. From a psychological perspective, property loss influences self-worth, security, and expectations. Cognitive appraisal theory holds that subjective evaluation of stressors shapes emotional reactions. This study examines how falling housing prices affect depressive emotions among family financial managers and explores the roles of cognitive appraisal, coping styles, and social support. Methods The study uses a cross-sectional and longitudinal design. Participants are primary financial decision-makers from 800 families who purchased homes in a first-tier city from 2021 to 2023 and experienced at least a 15% price drop. Participants are 25–55 years old and are recruited through the housing transaction center and community committees. Baseline assessment uses a self-developed questionnaire that collects purchase time, price drop level, and loan pressure. The Beck Depression Inventory II (BDI-II) assesses depressive symptoms. A cognitive appraisal scale measures threat appraisal and controllability appraisal. A brief coping questionnaire measures positive and negative coping. A social support scale assesses objective support, subjective support, and support utilization. Confounders include income, marital status, and psychiatric history. Follow-up assessments occur at 6 and 12 months to track depressive symptom trajectories. Data analysis uses multiple regression, structural equation modeling, and mediation tests. Results Baseline results showed that 28.7% of financial managers experiencing falling housing prices had mild to moderate depressive symptoms (BDI-II ≥ 14), higher than the 12.3% in the general population (p<.001). Housing price decline correlated with depression scores (r = 0.42, p<.001). After controlling for age, gender, and income, housing price decline, mortgage-to-income ratio, and purchase time remained significant predictors (β = 0.35, 0.28, 0.19, p<.01). Mediation analysis showed that falling prices increased perceived financial threat (β = 0.51, p<.001), which raised depressive emotions. Positive coping reduced the impact (β = −0.23, p=.006), whereas negative coping intensified it (β = 0.31, p=.002). Longitudinal follow-up found that 56.3% of high-risk individuals developed clinically significant depression (BDI-II ≥ 20) at 12 months without intervention. Discussion The study confirmed that falling housing prices were a major risk factor for depressive emotions among family financial managers. Cognitive appraisal linked financial loss with emotional reactions. When individuals saw falling prices as an uncontrollable threat, they were more likely to feel helpless and depressed. These findings supported cognitive behavioral theory and pointed toward cognitive restructuring as a key intervention. Coping styles and social support moderated this process, with stronger psychological resources helping maintain better mental health under stress. The study offered a framework for identifying high-risk groups during housing price fluctuations and highlighted targets such as cognitive reframing, coping training, and social support enhancement. Future research should track long-term effects of housing price changes, design targeted interventions, examine demographic differences, and explore asymmetry between the impacts of rising versus falling prices.