Housing is a pervasive determinant of physical and mental health. Studies indicate the importance of social support to the mental and physical health of individuals who are unhoused; however, to date, little is known about this relationship in persons who are housed in unaffordable accommodations. As the demand for subsidized housing continues to increase far beyond sustainable levels in many countries, investigations of the implications of social support on the health and wellbeing of those waiting for access to subsidized accommodations becomes important to generate evidence-based policy responses. Using data from the NB Housing Study, this paper presents an analysis of the relationships between perceived social support, depression, and self-reported physical health in individuals who wait for access to subsidized housing in New Brunswick, Canada ( n = 271). Hierarchical linear regression of Oslo Social Support Scale (OSSS-3) scores on Centre for Epidemiologic Studies Depression Scale 10 (CES-D-10) scores and of OSSS-3 scores on self-reported physical health scores finds increases in social support are associated with decreased depression ( F [1, 260] = 26.34, p < .001, R2 = .32) and greater physical health ( F [1, 260] = 7.62, p = .006, R2 = .15). The findings indicate a need to focus on health interventions that improve mental and physical health alongside social support. Implications for programming, policy, and future research are discussed.