This is an increasingly popular move for retirees. One potential cost saving comes with getting rid of one (or more) cars. The insurance and maintenance savings on one care can easily be more than $1,000 a year, and you eliminate wallet-emptying trips to the gas station.
However, if you plan on taking your cars with you, budget in higher costs for parking and insurance. And if you go completely carless, factor in the new cost of taxis and public transportation to get around town.