Assisted-living facilities are a rapidly growing source of supportive housing for frail elderly people. This study examined the psychological well-being of elderly assisted-living residents and factors associated with well-being. Participants were nondemented elderly residents of an assisted-living community in the urban southeast. Depression, life satisfaction, and demographic, health, and social support variables were measured through face-to-face interviews. A sizeable minority of the residents reported high levels of depressive symptoms and low life satisfaction. Female gender, self-reported health, functional impairment, perceived social support, and participation in activities were significantly associated with well-being. The predictive value of gender and health variables were reduced when social support was introduced. Implications for policy and social work practice are discussed.