I think the general rule of thumb is break even in 4 years. The costs associated with a closing have gotten really high (attorney's fees, mortgage application fees, inspections, etc.). Around here, it is very hard to sell without a realtor - so you would have to see 6% appreciation plus enough to cover those fees to break even in a year. I debated whether to try it for med school (4 years) - there is no way I would try it for 1 in a volatile market. We have owned and sold 3 houses, and have profited nicely on one, broken more or less even on 1, and lost our butts on one. I know that isn't specific to Vegas, but those are all things you should think about. Good luck whatever you decide - moving is always stressful!
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