Need help or am I just beign greedy?

[Joel Fraser]

Hi,First off I am a 28 year old stuggling college student who works full time, currently I am a JR Engineer and make decent money(not sure if I can post exactly but its above 45k)Anyhow about 3 years ago my parents had a seperation which forced me into movign out on my own, ingrained in me from child was that rent was silly and you should own a house.. so I didnt even consider rent or look at the market and I went out and bought a house. Not really considering my financial situation or the location. When I was buying the only area that had affordable housing was an area called Port St Lucie, so of course thats where I bought.. For example the condos in Palm Beach County were going for 200k, and the houses in P.S.L were going for 200k so it seemed like a no brainer at the time. I never really considered what kind of toll the 45mile trip to work and 85 mile trip to school would have on me and my car, gas etc.Fast forward 3 years housing prices are dropping rapidly and gas prices are soarign rapidly, meanwhile the salaries are climbing very slowly. When I bought my house the mortgage company financed me 55% of my income (apparently 45% was the norm max, but my credit score was 790ish so they let it slide). Luckily I live with my G/F because if I didnt I wouldnt be able to make payments...My loan is a Fixed 30 year loan so my payments are set, however I see this house a huge financial burden.Here is my breakdown of what it costs me to live where I am at(I wont include electricity and stuff because that stuff is gonna be roughly the same whereever I go)Monthly$1500 Mortgage$400 Gas(does not include car repairs, tires, etc etc)Now I could leave my house and rent 3 minutes from work for $1000 Rent$100 Gas So as I see it I could potentially save 5-8 hundred dollars per month, on top of that I have a 20k equity line of credit that I could cash out (I know, its a shame it appraised for much more than I payed....)So if I could force myself to save $500.00/Month + the 20K after 7 years I could have 62k in the bank (not including interest) If I took the 20k and put it in a 5% CD it would even moreI dont see how its financially smart to stay in my house, best case scenario, my house may appraise for 120k in 7 yearsCurrently it appraises for 100K(and dropping), I paid 195k and owe 170kSo in 7 years I could have62k in the bank + recovering credit scoreorlittle to nothing in the bank, a broken car but a good credit score....+ if my g/f leaves their is no way I could ever pay for the house, and I might lose my opportunity to cash out my equity line because I have heard they are closing them left and right.I know morally walking out is wrong, but in my caseit seems like the right thing to do... I cant sleep at night thinking abotu it and I need advice.ThanksRich