Is $415/month the true cost of ownership (TCO) for your current house? Is that PITI? Add the total cost of your commute (gas, depreciation, etc.) to the TCO of your home, and compare that to $2000/mo rent + renters insurance + any potential delta (+/-) in utilities. My guess is that it's probably less expensive in dollars to stay where you are, but not nearly as drastic as $415/mo vs. $2000/mo.
We were in a similar situation last year. I bought a 1/1.5 condo loft in 2004 as "an investment" and was under water from 2006 to 2013. In that time I got married, had a kid, trying for a 2nd, and changed jobs (farther away), so when the market rebounded, we sold ASAP. I made about $5k on the $580k sale.
Now we're renting a 3/2.5 for about 70% of the TCO of the condo and loving it. No stress of being under water. No HOA. Closer to work (I bike 10mi RT now).
In hind sight, do we wish we had waited a year? Perhaps. On the one hand, if we could have predicted the future, we would have waited since #2 still hasn't happened, and property values are up 15%.
On the other hand, we would have spent 30% more for the privilege of having a longer commute, less time with family, more stress about being under water, and the "potential" of appreciation.
We're happy we sold, and it's worked out for us. But waiting a year wouldn't have been that big a deal. Then again, if we could have predicted the future, we probably would have flown to vegas and put it all on black. 9)