In my experience in AmEng, the terms refer to the numerical address. I live at 2334, and you live at 4352 so you live up the street from me. A problem arises, however, when there is a hill involved.
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AnonymousA. He lives up the street from me.No difference.
B. He lives down the street from me.
AnonymousI think the prepositions up and down are not about whether the place where the person lives in is in higher or lower position.Correct, but note below.