AUSTIN, Texas — What was once a sleepy college town is now a booming major city with tons to explore. Austin is getting its flowers with a new ranking from WalletHub which places the fast-growing community at No. 1 for best large college towns in the nation.

What You Need To Know

  • Austin ranked No. 1 for best large college towns in the U.S.

  • The study was based on wallet friendliness, social environment and academic and economic opportunities

  • There are four major universities in Austin that bring students from all over the world to the Capital City: UT, Huston-Tillotson, St. Edward's and Concordia

  • Austin ranks in the top 15 in the U.S. for quality of higher education and has an annual job growth rate of 7.04%

The study is based on several factors, including wallet friendliness, social environment and academic and economic opportunities. The “large cities” descriptor is for cities of over 300,000 people.

The ranking also comes in the thick of college application season when students are deciding what school to commit to for their studies.

According to WalletHub, Austin’s appealing qualities include ranking in the top 15 in the U.S. for quality of higher education. The city also has an average annual job growth rate of 7.04% — one of the highest in the country.

There’s a lot to do when you’re not studying as a student in Austin. You can go paddle boarding on Lady Bird Lake with views of the downtown skyline, enjoy authentic Texas barbecue at Terry Black’s, explore the live music scene of the Live Music Capital of the World and more.

The city also offers many internships and job opportunities after college as a place that’s home to the regional headquarters of companies such as Google, IBM, Apple and more.

There are four major universities in Austin: UT, Huston-Tillotson University, St. Edward’s University and Concordia University. So there are plenty of campuses in the city that bring students from all over the world to the Capital City to further their education.

Application deadlines for schools in Austin:

  • The University of Texas at Austin: Dec. 1

  • Huston-Tillotson University: May 1

  • St. Edward’s University: May 1

  • Concordia University: Aug. 1

College Station also made WalletHub's top 30 ranking for best large college towns. Aggieland secured the 16th spot on the list.

For cities that have the lowest cost of living in the state, the site indicates three Texas cities: Brownsville, Edinburg and Laredo. They rank as first, second and fifth for cities with the lowest overall cost of living for young people.