An underclass of well educated people are sleeping rough or in temporary hostels and almost 50% of homeless people have some sort of qualification, the charity Crisis says.
Crisis carried out a survey at a small sample of hostels across England, including those in London, Birmingham, Manchester, Canterbury and Portsmouth.
They found:
Instead, Crisis believes the figures underline just how complex a problem homelessness is.
Jason, a graduate trained as a chef, has slept rough and now lives in a hostel.
He told the BBC: "Prospective employers may like my CV but the minute they see I'm living in hostel, they lose interest.
"It portrays a thief or a drug addict or something like that. It's a never-ending circle. I can't win."
Shaks Ghosh, chief executive of Crisis, said the survey rang alarm bells for her staff.
She said: "It just goes to show education is no protection against homelessness. It can help you on the way out but if there are other problems, like family meltdown, it doesn't make a difference."
Alongside education, there needed to be a more integrated programme of help to get the homeless back to work, Mrs Ghosh added.
The study is being viewed as a snapshot of the make-up of the 400,000 homeless people in England - many who are not visible on the streets.
Crisis believes the issue of "sleeping rough" has moved on but the public, and decision-makers in government have yet to catch up.
Increasingly, homeless people are being taken off the streets and into hostels.
But, Mrs Ghosh said, that did not mean they no longer needed assistance.
She added: "Most have dependency issues, whether it be drink, drugs or mental health issues. Until we tackle that raft of problems we can only get so far."