This study examined changes in self-reported priorities, competencies, and values in 73 previously homeless people with psychiatric disabilities who participated in a life skills intervention. Participants living in emergency or single-room occupancy housing enrolled in curriculum modules to increase residential stability (room and self-care, money management, nutrition management, or safe community participation) and completed the occupational self-assessment at baseline, postintervention, and 3 and 6 months later to examine change over time. Mean competency and value ratings and frequency of priorities were compared by time point, as well as between types of housing and primary diagnosis. Managing finances, a place to live, and self-care were consistently rated high in value and as top priorities. At baseline and post-intervention, participants rated themselves more competent on items related to meeting basic needs, however increased competency for more difficult items was observed over time. Individuals in more stable housing reported overall significantly higher competency ratings. Priorities, competencies, and values shifted in complexity following the life skills intervention and as part of the natural recovery process suggesting specific supports in rehabilitation planning may need to be tailored to changing perspectives.