Homelessness exists in the U.S. despite its wealth due to a combination of a severe lack of affordable housing, low wages, and a weak social safety net.
Factors like rising rents and stagnant wages, mental health challenges, and the impact of events like the COVID-19 pandemic and financial crises contribute to a record high number of people experiencing homelessness, with over 653,000 individuals on a given night in 2023
