Hello dwiel, I did something sort-of like this about 12 years ago. My wife and I sold our house in San Diego and moved to the mountains in Central Arizona. Definitely lower cost of living. We bought a small, very well insulated house, and except for travel (for fun) and health insurance, our living expenses are very low. We find our fun in hanging with friends, cooking, hiking, etc.

Living away from large cities == great life style. Highly recommended.