Far too many veterans are homeless in America. Homeless veterans can be found in every state across the country and live in rural, suburban, and urban communities. Many have lived on the streets for years, while others live on the edge of homelessness, struggling to pay their rent. We analyzed data from the Department of Veterans Affairs and the Census Bureau to examine homelessness and severe housing cost burden among veterans. This report includes the following findings: In 2006, approximately 195,827 veterans were homeless on a given night -- an increase of 0.8 percent from 194,254 in 2005. More veterans experience homeless over the course of the year. We estimate that 336,627 were homeless in 2006. Veterans make up a disproportionate share of homeless people. They represent roughly 26 percent of homeless people, but only 11 percent of the civilian population 18 years and older. This is true despite the fact that veterans are better educated, more likely to be employed, and have a lower poverty rate than the general population. A number of states, including Louisiana and California, had high rates of homeless veterans. In addition, the District of Columbia had a high rate of homelessness among veterans with approximately 7.5 percent of veterans experiencing homelessness. We estimate that in 2005 approximately 44,000 to 64,000 veterans were chronically homeless (i.e., homeless for long periods or repeatedly and with a disability). Lack of affordable housing is the primary driver of homelessness. The 23.4 million U.S. veterans generally do not have trouble affording housing costs; veterans have high rates of home ownership and appear generally well housed. However, there is a subset of veterans who have severe housing cost burden. We estimate that nearly half a million (467,877) veterans were severely rent burdened and were paying more than 50 percent of their income for rent. More than half (55 percent) of veterans with severe housing cost burden fell below the poverty level and 43 percent were receiving foods stamps. Rhode Island, California, Nevada, and Hawaii were the states with the highest percentage of veterans with severe housing cost burden. The District of Columbia had the highest rate, with 6.4 percent of veterans paying more than 50 percent of their income toward rent. Female veterans, those with a disability, and unmarried or separated veterans were more likely to experience severe housing cost burden. There are also differences by period of service, with those serving during the Korean War and WWII more likely to have severe housing cost burden. We estimate that approximately 89,553 to 467,877 veterans were at risk of homelessness. At risk is defined as being below the poverty level and paying more than 50 percent of household income on rent. It also includes households with a member who has a disability, a person living alone, and those who are not in the labor force. These findings highlight the need to expand homeless prevention and affordable housing programs targeted at veterans. Further the findings demonstrate that ending homelessness among veterans is a vital mission that requires the immediate attention of policymakers.