The top 10 college towns in the U.S. include this Texas city.

WalletHub has ranked Austin, the capital of Texas, as the best college town in the U.S.

The city, with a population of nearly 980,000 people and a median household income of $86,556, is home to a number of schools, including the University of Texas at Austin, one of the largest research universities in the U.S. and with a student population of over 51,000.

WalletHub analyzed 415 cities and towns of varying sizes across America using data from the U.S. Census Bureau and the Bureau of Labor Statistics to generate its list of best college towns. The ranking was based on three key elements.

• A city's housing costs, cost of higher education, and share of rental units are taken into account when evaluating wallet friendliness.
• The social environment is assessed based on factors such as the percentage of a city's population aged 18 to 35, nightlife options, and the number of festivals.
• The city's academic and economic opportunities are evaluated based on factors such as the quality of higher education, the potential earnings of college graduates, and the proportion of part-time jobs.

Here are the top 10 college towns, according to WalletHub:

1. Austin, Texas — University of Texas, Austin
2. Ann Arbor, Michigan — University of Michigan, Ann Arbor
3. Orlando, Florida — University of Central Florida
4. Tampa, Florida — University of Tampa
5. Raleigh, North Carolina — North Carolina State University
6. Scottsdale, Arizona — Scottsdale Community College
7. Charlottesville, Virginia — University of Virginia
8. Tempe, Arizona — Arizona State University, Tempe
9. Gainesville, Florida — University of Florida
10. Atlanta — Georgia Institute of Technology

The southeast and southwest cities are the most prominent on the list. These cities have successful athletic programs that the community supports, and they also have a lower cost of living compared to larger cities like New York or Los Angeles.

College towns aren't just for students

Living in a college town can provide benefits even if you're not enrolled in a degree program. These towns are also great for families and retirees.

Many campus events at universities are open to the public, including art shows, sporting events, and lectures. Additionally, college towns are often highly walkable, with various amenities like grocery stores, community spaces, and restaurants located in close proximity to one another.

College cities are not only unique places to reside and learn, but they are also highly innovative communities, according to Frances Marie Gipson, a clinical professor at Claremont Graduate University, as stated in WalletHub's research.

"This leads to communities that are more diverse, secure, and respect the individual and the completeness of belonging," she remarks.

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