This study examines the relationship between well-being and geographic context among informal child caregivers in the United States using 2022 North Central and Northeast Caregiving Survey data. We assess urban–rural differences in well-being and the role of caregiving-related life changes. Regression and Blinder–Oaxaca decomposition analyses show a statistically significant advantage in well-being for urban caregivers. About one-third of this gap is explained by observable factors, primarily income and employment status, while two-thirds remains unexplained. Employment changes related to caregiving are particularly detrimental to the well-being of rural caregivers compared with their urban counterparts.