Using the Survey of Social Integration and Mental Health of Migrants in 2016 and housing price data, this article analyzes the characteristics and spatial pattern of housing ownership to discuss the structure, influencing factors and mechanisms of the housing class. The results show that the housing ownership of migrants forms the characteristics of non-agricultural hukou (household registration) and high-educated floating population occupying a large number of urban housing, showing a spatial pattern of differentiation along the “Hu Huanyong line”. China’s migrants has formed a “three-class five-level” housing class structure. Hukou and social security system still prevent the migrants from realizing the transition of housing class; some of them basically realize the accumulation of housing assets by relying on their personal socioeconomic conditions and mobility factors. System changes, urban scale, and urban-rural differences work together to intensify the differentiation of urban housing classes, and ultimately lead to the involution of the lower housing class and the accumulation of advantages of the upper housing class.