Stressful life events (SLEs) may elicit positive psychosocial change among youth, referred to as post-traumatic growth (PTG). We assessed types of SLEs experienced, degree to which participants reported PTG, and variables predicting PTG across 24 months among a sample of high-risk, ethnically diverse, early emerging adults. Participants were recruited from alternative high schools (n = 564; mean age = 16.8; 65% Hispanic). Multi-level regression models were constructed to examine the impact of environmental (SLE quantity, severity) and personal factors (hedonic ability, perceived stress, developmental stage, future time orientation) on a composite score of PTG. The majority of participants reported that positive changes resulted from their most life-altering SLE of the past two years. Predictors of PTG included fewer SLEs, less general stress, having a future time perspective, and greater identification with the developmental stage of emerging adulthood. Findings suggest intervention targets to foster positive adaptation among early emerging adults who experience frequent SLEs.