Do homeownership and rent subsidies protect individuals from experiencing material hardships? Do the relationships differ by race and ethnicity? Using the Survey of Income and Program Participation, we find that the likelihood of experiencing any material hardship is 5.6 percentage points lower for homeowners than renters without rent subsidies, a reduction of about 25 percent. Owning a home over ten years provides a larger protection than owning a home less than four years. Homeownerships role in shielding people from material hardship is at least as important for non-Hispanic blacks and Hispanics as for non-Hispanic whites.