“Urban Per Capita Residential Construction Area” published by China Statistic Bureau reveals the per capita residential area of the urban residents with local household register, which is quite different from the concept of practical urban per capita rehousing area. The estimated result for practical per capita rehousing area in 24 big and medium cities is significantly smaller than the data published by the yearbooks, and furthermore, there is big difference between different cities. By using the estimated result to further estimate the relative bubble index of urban housing price in each city, the results show that there is relatively higher housing price bubble in some cities than in others, that there is obviously a gap of per capita rehousing area between China and the developed countries, that real estate industry will continue to keep rapid growth speed because the rigid demand for housing is still powerful. The local risk should be prevented from being transformed into global risk for the cities with big housing price bubble already and the reasonable housing demand of the residents should be supported for the cities without high housing price bubble.