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Two decades of research have failed to reach consensus on whether housing status is significant and meaningful predictor of academic achievement. Because homelessness touches the lives of so many children, and this number is growing, answering this question is crucial to policymakers and practitioners. This study analyzes test scores of elementary school students in a large city and concludes that homelessness is not a meaningful predictor of achievement. It further finds that when homelessness does have a small predicted effect, that effect is mediated by absence, which is significantly higher for homeless students. No school level factors tested are found to have an impact on homeless student achievement. Implications for policy, practice, and research are discussed.