bag lady vs homeless person

bag lady and homeless person both are nouns.

Word	Noun	Adjective	Verb	Adverb
bag lady	Yes	No	No	No
homeless person	Yes	No	No	No

As nouns, homeless person is a hypernym of bag lady; that is, homeless person is a word with a broader meaning than bag lady:

bag lady: a homeless woman who carries all her possessions with her in shopping bags
homeless person: someone unfortunate without housing

Other hypernyms of bag lady include homeless.

bag lady (noun)	homeless person (noun)
a homeless woman who carries all her possessions with her in shopping bags	someone unfortunate without housing