The authors examine the influence of neighborhood characteristics on the academic outcomes of children in middle childhood. Prior research has examined structural features of the community and has evaluated their associations with youth outcomes (Brooks-Gunn, Duncan, Klebanov, & Sealand, 1993; Kowaleski-Jones, 2000). Other research has related perceptions of community environment to youth development (Aneshensel & Sucoff, 1996). This work seeks to bridge these two streams of research by considering the influence of both objective and subjective measures of the community environment on school-aged children. Data are drawn from the 1990 Census and the 1997 Panel Study of Income Dynamics Child Development Supplement (PSID-CDS). Results indicate a negative influence of living in a community with low socioeconomic resources for academic achievement. In contrast, in some models, results suggest a positive role for living in a community rich in immigrant concentration for school-related behavioral adjustment and achievement outcomes. (Contains 6 tables and 7 footnotes.)