Nearly half of the top 10 most affordable college towns in the U.S. are located in Texas.

For the second year in a row, a Texas city has been ranked as the most wallet-friendly college town in the U.S., according to WalletHub's latest ranking. However, this year, Edinburg, which is home to the University of Texas, Rio Grande Valley, did not maintain its first-place position.

Brownsville, Texas, rose to first place from third position last year, with a number of colleges in the city, including Texas Southmost College and Our Lady of the Lake University at Rio Grande Valley.

Brownsville, situated at the southernmost tip of Texas, is approximately four and a half hours south of San Antonio. The median household income is approximately $47,000, and the median gross rent is $872 per month, according to U.S. Census data. The town has a population of over 190,000, with nearly 30% of its residents being under the age of 18, according to the latest Census data.

DON'T MISS: The ultimate guide to negotiating a higher salary

To determine the most affordable college towns in the U.S., WalletHub evaluated 415 cities with a college or university population of at least 7,500 students. The ranking was based on several factors, including housing costs, cost of higher education, and student loan debt per person.

According to WalletHub, the top 10 most affordable college towns and cities in the U.S. are:

1. Brownsville, Texas — Our Lady of the Lake University, Rio Grande Valley
2. Brookings, South Dakota — South Dakota State University
3. Laredo, Texas — Texas A&M International University
4. Edinburg, Texas — University of Texas, Rio Grande Valley
5. Lawton, Oklahoma — Cameron University
6. Oxford, Ohio — Miami University
7. Nacogdoches, Texas — Stephen F. Austin State University
8. Valdosta, Georgia — Valdosta State University
9. Richmond, Kentucky — Eastern Kentucky University
10. West Lafayette, Indiana — Purdue University

College towns can be good for retirees and families too

College towns are not just for college students; they can also be a great fit for retirees and families.

Local residents in towns with colleges or universities can benefit from on-campus events such as concerts, art exhibits, and lecture series, or the chance to audit classes.

According to Mark Fabrizi, a secondary education professor at Eastern Connecticut State University, living in a small town with a local college or two can be more affordable due to the strong tax base of the local schools, and residents may have more cultural opportunities.

Engaging with the local community can aid college students in broadening their perspective and developing empathy for others, according to Fabrizi.

The report states that deliberate cultivation of personal interactions among diverse and sometimes hostile individuals can foster empathy and mutual understanding, resulting in a humanizing effect.

Earn more money at work by taking CNBC's new online course, "How to Negotiate a Higher Salary." Expert instructors will teach you the necessary skills to increase your paycheck, including preparation, confidence-building, effective communication, and counteroffer crafting. Pre-register now and use coupon code EARLYBIRD for a 50% introductory discount through Nov. 26, 2024.