Yeah, they have the same wealth
right now. I'm not sure what "economic impact" means here, but Citizen B will likely be much much richer in the future, seeing has how his 1million in cash can basically instantly be converted to securities that allow him to live without working at all, and he can either quit his $80k/year job or save all o it.
Citizen A can likewise sell his house, buy those same securities, and also live without working, but evidently doesn't have the same option to work for $80k/year and save even more, which is all the more reason he should diversify his portfolio.
Forgetting the potential salary (assume both lose their jobs and can't work ever again), they are exactly as rich as one another, but A has foolishly constructed his portfolio such that his house is 90%+ of his wealth. Yes, he is in a financially precarious situation due to his reliance on strong housing prices, but it's totally of his own design. He can sell at any time and cash out. If he can't actually sell (no one will buy the house for what it's "worth") then his house isn't really worth a million dollars.