Whether 'tis nobler in the minds of your parents and friends to rent; than to suffer the slings and arrows of home ownership, I have a few calculators that will help you make the decision based on your unique situation. Owning a home is an idea which is drilled into us from the moment we become financially aware of the cost to live someplace. Many people consider renting to be throwing away money which you could be using to build equity. In reality the true cost benefit of owning a home relies on many factors including home price, rental increase, home value appreciation and length of ownership.

This post is part of a series about real-life signs we're in a recession.

Does the thought of moving to a new city after graduation, as the economy heads towards a recession, frighten you? If so, you may want to do what some whippersnappers are doing: move in with grandma and grandpa in order to save money on rent. While this may induce thoughts of plastic-covered furniture and conservative talk radio blaring from the living room, many families are making it work. Living with your grandparents can also provide benefits to the entire family. They can rest easy knowing someone is around to help out around the house and be a point of contact in case of emergencies.

CNN recently provided a set of tips for living with your grandparents. It includes laying down ground rules and having separate spaces. Moving in with "Oma" and "Pop Pop", in their two bedroom efficiency in Manhattan, may not work out for any of the involved parties. If you are lucky enough to have grandparents near your new job, moving in with them could insulate you from the rising cost of living which has come in the form of gas and food price increases. Having a support system in place is another "value add" in the event your new position gets cut during a recession. One example is Jennifer Blankenship, who lives with her grandparents to save money as rent in her town approaches $1,500 per month!

As I spoke with friends from college I didn't find anyone who was living with their grandparents but several did express concern about what they would do if a recession brought layoffs. Several friends mentioned that their grandparent's houses could provide a place close to work which would allow them to maintain their jobs and friends even during a recession. If we were in a boom period I doubt we would see young adults moving in with grandparents just to save on rent. When times get tough, the tough go to grandma's!

In my last post, I wrote about the hassles of refinancing. It's been a while since I've updated everyone, and I apologize for that, but I've just been dwelling on what to do.

The wife and I sat down and talked about everything. About how we got into the position we are in and how to get out of it. Basically what it came down to is that we jumped into the "home-owners" market too quick. We got sucked in by the allure of owning our own home. We didn't realize all the side effects of owning a home; the maintenance, the upgrades, and most importantly, actually paying for it.

I received a lot of very helpful comments. My short Walletpop career has been jammed with more information than I have read in the past few months. The help and the tips I have received have been great, and have steered me in the right direction.