People living homeless are quite heterogeneous groups, including different subgroups with specific characteristics that vary substantially. Within this group, women living homeless are an understudied subgroup with specific necessities which in most cases have not been addressed in general studies related to the group. The present study examines determining factors that influence the levels of overall happiness and outlook for the future of women living homeless. To fulfill this objective, a survey was conducted on a group of women living homeless in the city of Madrid (Spain). The results of a structural equation modeling analysis found that having a larger and stable social support network, loneliness, and good health conditions without any problems associated with drug abuse are the main factors influencing their levels of overall happiness and their outlook for the future. The proposed model has also shown that stressful life events play an important role in the analysis, unlike economic aspects, which have a limited impact on their situation. This article provides new information and innovation in research about homelessness, in particular women living homeless, thus being important for extending and replicating its findings to an international context.