I can definitely understand where you are coming from, there are so many homeowners in the same situation as you and feel stuck with a home that no longer has the same value. Yes, the market is getting better and there is definitely hope however it would be hard to tell if it will continue to get better or worse at this point. There is still a lot of distressed properties in the area and that is something that takes time to even out. The good thing right now is that people are buying, and south Euclid is HOT right now. I would suggest either paying for a professional appraisal or have a realtor come out and do a full assessment of your home and go over your options. Your home may be worth more than you think as there are a lot of things to consider when determining value. If the value is still underwater, you may save more money in the long run with a short sale and/or died in lieu, depending on your situation. I would also recommend speaking with your account or tax professional as well, there are some options to help with the tax liability of that option,again depending on your situation. Renting the property out is smart and at least the home is paying for itself ( I hope) however waiting on the market to get better will keep you hanging for some time as there is no real stern answer to that question. If you have any other questions, please feel free to email me directly at firstname.lastname@example.org. Thanks and Good luck!