If you live in a sizeable house but are finding mortgage repayments are spinning out of control, you can lower your cost of living substantially by selling your home and moving to a more affordable home, a process which may help to lower or even eliminate your mortgage amount outright. With numerous foreclosures available, you can easily find a bargain property and escape the shackles of frighteningly large mortgage repayments.

When you need to lower your cost of living, it can help to live in a state where income tax is limited or non-existent. The state of Nevada offers the absence of income tax as an attractive draw card. Purchasing homes in certain areas, such as Las Vegas can be highly affordable as property prices have fallen to a large extent in these areas and it is thus possible to find a home for less than its market value, due to banks being eager to regain their losses with speed.