Transactional models of stress posit that perceptions of both resources and demands determine whether stress will be experienced. To test this model and better understand teacher stress, we examined levels of elementary teachers' burnout symptoms: (1) between schools, with individual/teacher perceptions of demands and resources aggregated to the group level, and (2) at the individual teacher level within schools, where perceptions of classroom demands and resources, as well as teachers' personal coping resources and experience, were taken into account. We assessed the specific classroom demands and resources hypothesized to contribute to elementary teachers' burnout symptoms using the Classroom Appraisal of Resources and Demands (CARD), and we used the Preventive Resources Inventory (PRI) to measure teachers' psychological coping resources. Burnout symptoms were measured using the Maslach Burnout Inventory (MBI). Data were collected from 451 teachers in 13 elementary schools within 3 adjacent counties that comprise part of the metropolitan statistical area for a large urban region in the southeastern United States. We administered surveys at teacher staff meetings over 2 academic years, and the overall response rate was 77.62%. We used hierarchical linear modeling to nest teachers within schools. Although there was little variance in reported burnout symptoms between schools, each of the individual teacher-level variables was associated in the predicted direction with burnout symptoms. These findings may support transactional models of stress in that individual differences among teachers within schools in perceptions of demands and resources predicted burnout symptoms and differences in school context were not. (Contains 4 tables.)