Homeless service systems have been implementing assessment tools to inform service provision for individuals and families. Although a variety of assessments are available, their psychometric evidence base is limited. The self‐sufficiency matrix (SSM) is one assessment that demonstrates promising reliability and validity. However, the SSM’s factor structure has been inconsistent across studies. This study explored the factor structure of the SSM, using exploratory factor analysis and confirmatory factor analysis in a sample of individuals (N = 427) and families ( N = 428) at risk of or experiencing homelessness. Data were derived from a midwestern city’s Homeless Management Information System and included all participants from the Homelessness Prevention and Rapid Re‐Housing Program. Results suggest the SSM is multidimensional and the factor structure differs across individuals and families. Additionally, the SSM demonstrates measurement invariance across racial and gender groups. Further development and testing of the SSM is necessary to better serve individuals experiencing homelessness.