Aloysius T. McKeever, a genial and resourceful drifter, spends his winters squatting in a lavish New York mansion while its wealthy owner, Michael J. O'Connor, is away. One winter, McKeever befriends ex-G.I. Jim Bullock, who has been evicted from his apartment. McKeever shares his secret about the unoccupied mansion with Jim, who gratefully moves in. Soon after, Jim invites his war buddy Hank and his family to join them. Even O'Connor's estranged daughter, Trudy, ends up staying in the mansion under the guise of being homeless, while secretly hoping to mend her family's broken ties.

As this motley crew peacefully cohabitates, Trudy and Jim develop a connection, and McKeever's sense of community and resourcefulness helps them all bond. However, when O'Connor returns to find his mansion unexpectedly occupied by strangers, he is initially outraged but then decides to masquerade as another drifter to understand what is happening. This incognito experience leads O'Connor to reassess his relationship with his daughter and the meaning of wealth and happiness.