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The U.S. is on track to hit a new record for homelessness, with more than half a million people living on the streets this year.According to data compiled by The Wall Street Journal from over 250 homeless organizations, at least 550,000 people are currently homeless, marking a 10 percent increase from last year. The data, which covers cities and rural areas, reflects the number of homeless people counted on a single night earlier this year.This upward trend suggests that the U.S. will likely surpass the 2023 estimate of 653,000 homeless individuals, the highest figure since the government began releasing such data in 2007.The final count will depend on additional data from areas like New York City, which had the largest homeless population of any U.S. city in 2023.Part of the recent rise can be attributed to migrants sent from Texas to cities like Chicago and Denver. New York has also seen a significant increase in migrants, which contributed to last year's numbers.Most of the counts were conducted in January, shortly after a record number of unlawful border crossings. Though there was a significant drop in crossings later and no migrants were sent to Chicago or Denver after June, the counts were typically completed before those changes.However, the record number of homeless people isn’t solely due to migration. Advocates point to factors such as the end of pandemic-era aid, along with rising housing costs and rent, as key contributors to the crisis, The Journal reported.