The purpose of this study is 2-fold: (1) to examine how much variance of depression is attributed to the household level and (2) to examine the relationships between individual- and household-level social capital and depression using multilevel analysis from the Korean Welfare Panel Study data. Results show that more than 30% of variance in depression is derived from household-level differences. Results also show that individual level of trust and satisfaction with relationships in the family and household level of satisfaction with relationships among family members was related to depression. The results imply that forming and increasing household or family-level social capital along with individual-level social capital may contribute to preventing depression.