The current study examined within-person (transitions in living situation and parent status) and between-persons (age, gender, parent education) predictors of trajectories of depressive and angry symptoms in 577 university graduates (ages 20 to 29) tracked for 7 years. Multilevel models determined that depressive and angry symptoms declined on average. Depressive symptoms were associated with leaving home when younger and living with parents when older. Becoming a parent was associated with increased anger, especially in mothers. These results were obtained after controlling for the effects of marriage and unemployment. Leaving home and parenthood may be turning points that are associated with shifts in trajectories of well-being, depending on stable characteristics such as age and gender.