Thanks for all the info everyone!
I'm in southern California and the prices are quite a bit higher:
Option 1
1 MRDVR = 19.99
5 HD STB's = 11.99 x 5 = 59.95
Total cost = 79.94
Option 2
1 MRDVR = 19.99
5 DVRs = 16.99 x 5 = 84.95
Total cost = 104.94
So here the difference is only 25.00. This cost will be split among all the housemates so the price is definitely worth not arguing over who canceled someone else's recording