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Study: Miami Is Nation's Best Urban Place To Retire

MIAMI (CBSMiami) – Are you looking for a place to retire? Stay put, concludes a study by NerdWallet.

Gorgeous weather, walkability and a large over-65 population have earned Miami the distinction as the best urban place to retire, according to the study, cited in the South Florida Business Journal.

Miami ranked first out of the country's 50 most-populous cities. The second best urban place to retire was El Paso, Texas. Jacksonville placed third, Tampa came in fourth and Memphis, Tenn., took fifth place.

NerdWallet used the following methodology for the rankings:

1. Cost of living index from ACCRA Cost of Living Index.

2. Annual cost of in-home homemaker services and the Genworth 2012 Cost of Care Survey.

3. Cost of a doctor's visit from ACCRA Cost of Living Index. Price reported is the general practitioner average charge for an established adult patient.

4. Percentage of the population over 65 from the U.S. Census Bureau.

5. Average annual temperature from the National Oceanic and Atmospheric Administration (NOAA).

6. Walkability score from Walk Score.

Here are Miami's metrics used in the study:

• Overall cost of living index – 108.1

• Annual cost of in-home homemaker services – $36,608

• Cost of a doctor's visit – $107

• Percentage of population over 65 – 16 percent

• Average annual temperature – 76.7 degrees

• Walkability score – 73

• Overall score for retirees ­– 67

(TM and © 2013 CBS Local Media, a division of CBS Radio Inc. CBS RADIO and EYE Logo TM and © 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The South Florida Business Journal contributed to this report.)

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