A house is in many cases the most valuable asset in a household (which is why it's called a household), so for baby boomers looking to cut expenses in retirement, one option may be to downsize. In a report originally for USA Today, Jeff Reeves explains the decision-making process that goes into choosing to downsize and why that may or may not be the best option for everyone.
The decision to downsize must be made holistically, and for baby boomers who decide to do so, a variety of factors can make a difference in monthly budgets:
"A 7% swing in income tax, if you're on a tight budget that matters." Property taxes can also vary widely even within a few hours' drive from your current home, and could result in hundreds or even thousands of dollars saved per year.