I have little experience with either, so take everything I say with a grain of salt.
Psych wards are pretty terrible places, from what I hear. They're bad because of a lack of agency, or ability to do things on your own. Their number one goal is to "reduce risk to yourself and others", usually by forcing you to take medications that aren't right for you/don't match your diagnosis but keep you sedated/calm/numb. (They may check under the tongue to ensure you've taken the pills.) Aside from that, they monitor your activities and restrict what you can do. They cut your nails down so you can't slash your wrists, that's the level of control they have over their patients. The only way out is to play by their rules, to take the meds, to lie and say "yeah I'm fixed now" even when you aren't ... or else just get booted out cause you've been there too long.
I have a friend who went to a psych ward in a southern, republican state (I won't say which one). They said it was shit. They also said they were let go early (at 3 days) because they were uninsured -- perhaps because they wouldn't be able to pay the bill if they stayed longer. Quoting them: "Even if you go voluntarily they may choose not to release you, [and] people with better insurance are allegedly kept longer because of their ability to pay".
It's possible that psych wards are better in states with better hospitals and more funding for mental health programs. I can't confirm this.
My friend also said "if you or someone else you know are in crisis, but not "I will do serious damage to myself or others in the next 3 hours if not restrained" crisis, I would highly recommend getting into contact with your regular mental health team for extra support and researching outpatient programs". Perhaps take that into consideration.
By comparison, living on the street's a lot more straightforward about how dangerous it is -- you could get mugged or assaulted, or arrested by the police for bumming around or breaking curfew. But unlike psych wards, you have your own agency. You don't live under anyone else's direct control ... but it's going to be a pretty terrible life regardless. I hear homeless shelters aren't nice either, for the same reasons.
I've heard of some people using 24/7 gyms as a place to shower, or else spend nights when nowhere else is open. Don't have much other advice, unfortunately.
Hope this helps.
