I can't vouch for the location, but it appears to be a basement Christmas or New Years party, possibly in the northern room of my Grandparent's basement (by the time I saw it, decades later, it was full of storage and long affected by disuse and moisture - it certainly didn't look like THIS. But the wainscot seems familiar, as does the radio).
That's my Mom dancing with her Dad, and my Grandma dancing with someone that's probably one of my Mom's cousins.
By the age of my Mom, I'd place this in the early 1960's.