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The number of K–12 students experiencing homelessness is increasing across the country. Schools may serve as sources of support and stability for homeless children, but little is known about the types of schools that homeless students attend or about the communities in which they live. We investigate the context of student homelessness in Los Angeles by analyzing student-level administrative data from the Los Angeles Unified School District and publicly available data on neighborhoods and schools from school years 2008–2009 to 2016–2017. Our findings suggest that homeless students tend to be clustered within lower-achieving schools with higher concentrations of disadvantaged student groups and live in neighborhoods with higher concentrated disadvantage. Despite policy provisions to ensure stability, homeless students have high rates of school and residential mobility in the years they are homeless, and mobile students tend to move to less-disadvantaged schools. We conclude with policy implications to strengthen the implementation of the federal McKinney-Vento Act.