See where Austin lands on new ranking of the country's best cities

Austin is the second-best place to live in the U.S., according to a new ranking from U.S. News & World Report.

The ranking, which combines the results of a public survey with data from the U.S. Census Bureau and other federal agencies, examined the job market, affordability, migration rates, educational system and commute times to produce livability scores for the country's 100 largest metro areas.

Austin, which ranked behind Denver — rated the top city in the country — and ahead of Fayetteville, Arkansas, had its highest marks in the areas of net migration and desirability, both factors tied to the region’s strong economy. Not surprisingly, Its lowest marks were related to affordability and commuting.

“ Austin is one of the fastest-growing cities in the country. That may be great news for the local economy, but a tough pill to swallow for people shopping for a home,” the report says.“The median sales price for a single-family home in Austin is well above the national average. However, Austinites' pocketbooks benefit from no personal or corporate income tax, and a low state and local tax rate."

Rounding out the top five cities in the country were Raleigh-Durham, North Carolina and Colorado Springs, Colorado. Texas' three largest cities ranked further down the list but cracked the top 25: Houston (No. 17); Dallas (No. 21) and San Antonio (No. 23)

U.S. News & World Report, perhaps best known for its prestigious annual college ranking, launched its new city-ranking feature this year to help people "make major life decisions, and where you choose to live is one of the biggest decisions of all," the company said in a statement.