By definition a hobo is someone who travels around the country, train hopping, looking for work. If he's not working, then he's just a traveler, or a tramp.

A hobo travels looking for work.
A tramp travels not looking for work.
A bum stays in one spot (more or less) not looking for work.
In cities like Chicago, bums are fairly easy to find, although the word 'hobo' is often used for all three (hobo, tramp, and bum).