Moving Back With Mom and Dad

By Matt Porter

October 9, 2012 Updated Oct 10, 2012 at 8:58 AM EST

Johnson City, NY (WBNG Binghamton) Nearly four out of 10 adults have moved back with parents or grandparents according to study.

Two years after graduating college, Matt Slimowicz didn't expect to still be doing chores around his mom's house.

But the economy has left money tight, and the 24 year-old at his Johnson City home.

"I'm kind of thinking how am I going to start a family, living at home," said Slimowicz.

He's had a few full-time jobs, but nothing to get him out of the house.

"It would be very difficult to kind of step up in life without being buried in debt," he said.

Even with his bachelor's in business administration, he said jobs just aren't there right now.

"I used a lot of the online job sites Monster, Career Builder," he said, "But a lot of those jobs were technical jobs like nursing, not a lot for a four year degree,"

In fact, countless adults are finding themselves back at home.

A new report from Ohio State University showed nearly four out of ten adults have moved back home, possibly the highest since the1930s.

"This is unprecedented in my lifetime," said economics professor Fred Loveland at Broome Community College, "I think you're going to have to go back to the great depression to see anything comparable."

Loveland said this new class of people with no disposable incomes will have ripple effects in the entire economy.

"They're not going to be buying products like automobiles," Loveland said, "They're not going to be participating in the economic life blood of the community."

For Slimowicz, the last few years made him have second thoughts about where he's been.

"I kind of felt like why did I waste all this time and money going to school, if I can't find a job that will pay decently enough," Slimowicz said.

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