This article addresses the debate on second‐generation advantage and decline among Latinos by providing a post‐recession snapshot based on geocoded data from the Current Population Survey (2008–2012). It reports three findings. First, second‐generation Mexicans and Puerto Ricans are at a disadvantage, whereas other Latinos have achieved parity with native majority peers. Second, second‐generation Latinos report significant progress compared to their parents and there is no evidence of a second‐generation decline. Third, there is no difference in outcomes among second‐generation Mexicans by immigrant destination type. Overall, these analyses yield an optimistic assessment of second‐generation progress, while noting potential stagnation among third‐ and higher‐generation Mexicans.