Memphis, Tenn. has many draws for seniors — including its high affordability. The city boasts a cost-of-living index of just 84.91, the lowest of any major city in the U.S, and ranks 10th in the top-10 urban cities for retirees, according to a recent study by NerdWallet. Honolulu has the highest cost of living at 175.12.
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.
The online financial tool provider analyzed affordability, weather, the presence of fellow retirees and walkability in the 75 largest U.S. cities to determine their ranking.
Miami, Fla. ranks as the No. 1 place to retire overall, followed by New Orleans, La.; El Paso, Texas; Mesa, Ariz.; Corpus Christi, Texas; Tampa, Fla.; Baltimore, Md.; Honolulu, Hawaii; Henderson, N.V.; and Memphis, Tenn. respectively.
“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.”
New Orleans has hot, humid summers, milder winters and a low cost of living, making the Big Easy the overall No. 2 pick.
When it comes to the percentage of the population 65 years old or older, Honolulu boasts the most at 17.7%; Memphis has the least at 10.6%.
See the results of the study here.
Written by Cassandra Dowell