Interesting topic for me. I bought the house that had a cemetery on the land. I tore it down and made a huge single floor house. Something about steps in this game that bug me. Anyway, I started out adding small amounts of furniture in each room when I noticed my inventory was almost maxed. I know that your inventory in the house (storage, refrigerator and books) are also tied in when you go to Build/Buy mode. To me it seems your on-person inventory is a larger one. The reason I brought up the inventory is this:
I have 2 female sims married and I got them both pregnant from the same policeman that doesn't live with my girls. One had triplets and the other twins. That makes a grand total of 7 people that will be in my house. When they were born and once I finally got the last one home (what a pain that is getting that many kids home when you can only take 1 at a time - grrr!) and out of the car - child services took him. So, as bad as that was, I now have just 6 in my gigantic house.
Before I started this game I played with just a male sim and ended up with 7 folks in my small starter house with not much furniture. My inventory level was almost always in the green/yellow.
So, I don't think there is an actual limit of the amount of folks in one house, rather a limit with the inventory, or should I say space per property. I feel sims are tied in somehow to the land inventory itself.
On another note - I can say for a fact that any pond that you create will not count against the inventory limit. This also includes any fish that you stock in the pond. i know ponds have a size limit inventory system also. I could only get 4 stocked fish types in a small pond and up to 8 in a larger one.
Sorry to write a book here, I was just really intrigued. lol