Journeys Home: Longitudinal Study of Factors Affecting Housing Stability is a national, six‐wave survey of 1,682 disadvantaged Australians who were either homeless or at risk of homelessness. This article summarises findings from more than a dozen initial studies that have conducted multivariate analyses of the survey to investigate the causes and consequences of homelessness and other outcomes. Although homelessness is strongly correlated with many social problems, the multivariate studies that adjust for conditions that co‐occur with homelessness have found far fewer associations. The studies indicate that the experiences and circumstances of homelessness are complex, with different surrounding conditions, durations and paths into and out of homelessness.