Where is Lydia's home?

With my first character, Lydia would hang out in the Jarl of Whiterun's palace until I bought Breezehome, and then she moved in there. With my second character, I don't own Breezehome, but I do own Honeyside. I dismissed Lydia and went to find her later, but she didn't appear in either location.

I assume I simply haven't waited long enough, but I would like to know where to expect her. How does Lydia determine her home?

Solution 1:

If you own Breezehome, she should be there. Otherwise she should be in Dragonreach (the keep in Whiterun), so you might just be dealing with a glitch.

Solution 2:

It depends on what you have done with her. If you don't have a house then she's in Dragonreach, if you have bought Breezehome in Whiterun she will be there unless you have made her a Blade then she'll be at Sky Haven Temple.

There's a rumor if you do the Stormcloak quest where you take over Whiterun you lose her and can't get her back. Whether or not this is true though I'm not sure.

Solution 3:

Tarkenfire's answer is correct, except that the Hearthfire DLC adds another possibility: if you've made Lydia the steward of one of your homes, such as Lakeview Manor, then she will be waiting there instead of at Breezehome.