This study documents a 35% prevalence of clinically-relevant depressive symptoms in a population-based sample of mostly Cuban elders residing in a low-income, urban Miami neighborhood. This rate is comparable to, or higher than prevalence rates reported by most other population-based samples of U.S. elders. Logistic regression analyses indicate that perceived financial strain was the only socio-demographic factor associated with greater odds of clinically-relevant symptoms when other socio-demographic factors were statistically controlled. Gender, age and marital status were not related to elevated depressive symptoms. A case study illustrates the impact of financial strain on elders’ mental health. Findings highlight the need for mental health screening and case management services among these elders, particularly those who experience financial strain.