The stress-threshold model (Wolpert, 1965; Brown and Moore, 1970) assumes that people do not consider moving unless they experience residential stress. This paper develops a similar model of residential mobility in which residential satisfaction acts as an intervening variable between individual and residence variables and mobility. The model is tested with data from a panel study of Rhode Island residents. The results indicate that residential satisfaction at the first interview is related to the wish to move and to mobility in the year following the interview. Individual and residence characteristics such as age of head duration of residence, home ownership, and room crowding are shown to affect mobility through their effect on residential satisfaction.