Purpose: The purpose of this study was to identify the prevalence of depression and risk factors for depression by gender in low income elderly people in Korean communities. Methods: The sample included 350 women and 211 men who were 60 years of age or over and family members of low income households in a Korean community. Depression was measured using the Korean version of the Geriatric Depression Scale. Results: The prevalence of depression was higher for women (59.14%) compared to men (47.87%). Multivariate logistic regression analysis showed a difference in risk factors of depression prevalence by gender. Prevalence of depression in women was associated with lack of confidential relationships, self-rated health status as poor, poor sleep status, limited instrumental activities of daily living, and lack of regular social participation. For men, the risk factors were low education level, lack of regular exercise, poor or moderate self-rated health status, and lack of confidential relationships. Conclusion: The findings from this study indicate that the prevalence of depression and risk factors for depression are different according to gender, and these findings can promote screening and prevention strategies for lower income urban elders in Korea.