Drawing on ethnographic research in El Oasis, a highly precarious self-built settlement in Medellín, Colombia, this article examines the illegal practice of autoconstruction as a material expression of hope. It focuses on the multilayered, symbolic meaning of self-built housing, as it represents the pursuit of dignity, permanence, and agency—as opposed to poverty, uncertainty, and lack of agency—and an active and material form of hoping for a better future in the city. The state plays an ambiguous role in residents’ perspectives, who conceive of it, simultaneously, as a threat to and a guarantor of their future in the city. This ambiguity becomes materialized in the physical form of residents’ self-built housing, as residents either embrace or refrain from making improvements to their houses in response to shifting perceptions about the state’s intentions regarding the future of the settlement.