Probably lack of housing. Fewer homeless in wv than you might expect with the depressed wages there because more people can afford housing. When you go to places like the rust belt its very hard to find homeless people at all. When you go to high rent/home price regions on the other hand, its hard not to see homeless people.

Lack of housing. The poorest states in the US (Mississippi, West Virginia) have low homeless rates. The poorest countries in the continent have low homeless rates. Because it's easy to find cheap housing.

If there are 100 houses and 110 people, (and there can't be room-mates), wages can go to infinity and the homeless rates won't be reduced.

Kind of both, if the money is the lubricant and the people are one gear and the other gear is all of the infrastructure needed to keep the other gear moving, once the money has been drained out of the assembly it stops working..

The answer is both.