A small suburban home or apartment, kept in an unclean and usually unsanitary state, where people are free to come and leave as they please, sleeping there, partying there, whatever. Such places are usually frequented by punk rock bands on their way through town due to their low cost and the party-like atmosphere, which is where the name came from. Despite how it may sound, punkhouses are rarely inhabited by your typical "hobo", and long-term residents are usually in their late teens.
If you need a place to stay, welcome to the punkhouse
Don't mind all the filth and grime and muck, 'cuz it's just a punkhouse
Jump up and down, dance on the couch
Stuff a potato in your mouth
la la la la