The cost of living in Ecuador is structurally different from the cost of living in USA and there are lots of options to downsize or upsize - depending on your finances.
Second - you don't have to have a car in Ecuador. This speaks for itself - money saved, saved, saved. Public transportation is plentiful and affordable, including taxis. Right now, the cost of a taxi in Quito - is about $10 per hour. Cost of a trolley or bus ride is 25 cents and you can get everywhere by bus or trolley.
Third, you don't have to have winter clothing (coming from MN!) or fall clothing or summer clothing in Ecuador. It is pretty much the same weather (with variation - nothing like MN). In Quito, one need only a limited type of clothing all of the time.
Monthly rental in Quito, for tourists and expats.
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info