The presence of homeless persons in or near residential areas has been characterized as a marker of encroaching urban disorder that undermines neighborhood quality and engenders fear among residents. Using data compiled from a national survey, the author tests these assumptions by assessing how residential exposure to homelessness influences domiciled respondents. Those who encounter a neighborhood homeless presence or who live near shelters are likely to witness a range of disorderly and orderly behaviors on the part of homeless persons. These residents tend to view homelessness as a large and growing community problem but do not attribute neighborhood decline to the homeless themselves. Contrary to disorder perspectives, residential exposure to homelessness is unrelated to fear among residents.