Peru's urban peripheries have long been shaped by the intertwining of urban development policies with Peruvians' domestic aspirations. Since the 1960s, different formulations of progressive and self‐help housing policies have relied on and reproduced a domestic life course model in which Peruvians' inexorable progress through the “domestic cycle” is mirrored in the steady transformation of their precarious, unconsolidated shantytown homes into “noble” (modern; concrete) constructions in fully urbanized neighborhoods. While shantytowns partially reflect this predictable life course temporality, they are also shaped by future imaginings and contingent time. People use shantytowns to fulfill ideals of adulthood, autonomy, and success, but also to hedge their bets, retreating from some relations while striving to forge new ones. Drawing on twenty‐one months of fieldwork in Peruvian shantytowns, this article examines informal urban development from a contingent life course perspective to demonstrate how Peru's urban peripheries are embedded in and shaped by Peruvians' efforts to pursue domestic life projects while managing fluctuating kin relations and preparing for uncertain futures.