Analysis of the housing dynamics and individual characteristics of a sample of 670 participants (mean age 34 yrs) in the New Orleans Homeless Substance Abusers Program reveals substantial diversity with respect to income, education, and occupational attainment. Nevertheless, drug consumption and dependence serve as socioeconomic levelers, dissolving otherwise potentially critical differences in human capital and economic capacities. The need to focus concurrently on both structural and individual causes of homelessness is emphasized. (Authors)