Residential stability matters to a young person's educational success, and the housing crisis spurred by the Great Recession (2007-2009) has disrupted the residential stability of many families. Using data from a large high school district in San Bernardino County, California, as a case study, this study utilizes a multilevel model to examine the extent to which the housing crisis affected student mobility rates in an area considered an epicenter of the recession. Results show that race was a much stronger predictor of student mobility than socioeconomic status during the crisis. In 2008, mobility rates were especially high for Black students, controlling for a variety of background characteristics. Research and policies that could be helpful in reducing mobility are discussed.