There is a scarcity of instruments for assessing opportunities for residents with psychiatric disabilities to engage in meaningful home-based activities. We thus developed the Perceived Meaning of Activity in Housing (PMA-H), containing four subscales (activity opportunities, social interaction, developing as a person, and organization and planning). The aim of the study was to investigate the content validity, utility, internal consistency and concurrent and criterion validity of the PMA-H, as well as possible floor and ceiling effects. One hundred and fifty-five residents in supported housing (SH) and 111 in ordinary housing with support (OHS) completed the PMA-H. The SH group also competed the Community-Oriented Programs Environment Scale (COPES). A majority of the participants found the content of the PMA-H relevant, easy to complete, and the time for completion as reasonable. Internal consistency varied between 0.85 and 0.92 for the subscales. Logical associations with COPES indicated construct validity. The subscales social interaction and developing as a person could discriminate between the SH and OHS groups, whereas activity opportunities could not. No floor or ceiling effects were found. This study indicated adequate initial psychometric properties of the PMA-H. It can thus be used in housing settings to assess the residents' perceived opportunities for meaningful activity in the housing context.