Weather, affordability, the presence of fellow retirees and walkability place Miami, Fla. as the No. 1 urban place to retire, according to a recent study by NerdWallet.
The online financial tool provider analyzed variables in the 75 largest U.S. cities to determine their ranking.
“With nearly 16% of its population over age 65, sunny Miami is our top place for retirees,” NerdWallet says. “Seniors can take advantage of the city’s walkable layout and many beaches while enjoying relatively low average doctor and homemaker costs. The Miami area offers several community services for the elderly, such as care planning, home care and a retired and senior volunteer program.”
Of the top 10 urban locations, one state makes the list twice — Florida for Miami and Tampa (sixth in rank).
Following Miami and rounding out the overall top 10 picks are New Orleans, La.; El Paso, Texas; Mesa, Ariz.; Corpus Christi, Texas; Tampa, Fla.; Baltimore, Md.; Honolulu, Hawaii; Henderson, N.V.; and Memphis, Tenn. respectively.
New Orleans has hot, humid summers, milder winters and a low cost of living, making the Big Easy the overall No. 2 pick.
Affordability was measured using the cost of living index, the average cost of a visit to the doctor’s office and annual cost of in-home services to assess health care and assisted living costs. The average cost of living index is 100 across all U.S. cities.
Memphis has the lowest cost of living at 84.91, and Honolulu the highest at 175.12.
When it comes to the average annual cost of in-home homemaker services, El Paso is the least expensive at $32,009 and Honolulu the most expensive at $52,052.
Honolulu boasts the highest percentage of the population 65 years old or older at 17.7%, the study finds. Memphis has the least at 10.6%.
See the results of the study here.
Written by Cassandra Dowell