This sounds horrible.
The basis for life is water. So, we want to consume it by the billions of gallons every day. Then, this house will have pure oxygen around, and pure hydrogen, which is volatile. Presumably, the hydrogen would escape at some point, and the Earth can not keep hydrogen atoms, so it would leave our planet, never to return.
Something seems wrong. We're complaining about not enough drinkable water, and then we want to liberate from the earth the hydrogen contained in it. When you consider how many people live in this world, if you're pulling down hundreds of millions of gallons of water a day, you don't think there's going to be some climate change from all this loss of water over a period of time?
The only thing is, it's not clear if the water is reconstituted. If it is, no problem, but if it's lost, it's insanity.