A recently completed randomized controlled trial documented the effects of a 1-year group-based exercise program in osteopenic women. The present study concerns the comparison of these effects to those produced by a home-based exercise program tested on the same population. All 63 women who had been randomly assigned to the control group in the previous study were invited to enroll in the home program. Comparison of pre- and posttest scores of home exercisers revealed improvements in agility and well-being. In comparison, women who had participated 1 year earlier in the group-based exercise program had improved on four of the five fitness tests, well-being, and pain intensity. More women in the group-based exercise program showed improvement in self-rated health in comparison to those enrolled in the home program. Results suggest that for osteopenic women, a group-based exercise program is much more effective than a home-based exercise program.