This paper investigates the racial and gender dynamics of educational inequality in suburban public schools in the United States during an era of rapid demographic change. As suburban schools transition from predominantly white enclaves to more diverse settings, it is unclear to what extent the popular narrative of "suburban advantage" holds for newcomers. Using a longitudinal dataset of majority non-white, lower-income students (the Future of Families and Child Wellbeing Study), we explore how these students fare compared to urban counterparts during this transformative period. While our findings suggest that suburban schools are higher-resourced than their urban counterparts, there are minimal urban-suburban differences in educational outcomes after accounting for individual and family characteristics. Furthermore, we reveal disparities in urban- suburban differences by race and gender. Our research challenges narratives that treat suburban institutions as monoliths and suggests that the purported advantages of suburban schooling are not conferred uniformly to all students.