Punky (who now goes by Penny, so she could get a job) is in her early 30's and living in Chicago. She works as a social worker helping kids in foster care and has an amateur photography business on the side. Henry died 8 years ago (he wasn't in good health back in '86) and left her his apartment and the proceeds from the sale of his photo studio, so she is able to travel and offer a place for her best friend Cherie to live as well. She dates a lot, but isn't ready to settle down just yet. Her style is still very colorful (at least 3 in every outfit) and she's not afraid to look different from everyone else, but she does it in a tamer way now that she's an adult.
P.S. When verifying how to spell Cherie on Wikipedia, I learned that I watched the entire series in syndication after it had already aired and been canceled on NBC.