On the hunt for the best areas to attend undergrad? No need to travel far, because Athens, the home of The University of Georgia, has been named one of the best college towns in America, according to a recent report.

» RELATED: These are the 5 best colleges in Georgia, according to the latest US News ranking

The American Institute for Economic Research released its annual ranking, placing the Georgia city No. 14 on the list. Boulder in Colorado was the No. 1 pick.

AIER determined its results by analyzing universities in towns with less than 250,000 residents. The analysts examined the institutions across nine economic, demographic and quality of life factors including city access, labor force and innovation.

The site praised Athens, located 70 miles east of Atlanta, for its "laid-back" vibe and highlighted the "growing social scene."

“Known for world-famous music, including R.E.M and the B-52s, and a budding restaurant scene, Athens almost ranks as high on quality of life as it does demographics,” the site said.

Athens, which has a population of 197,099 and a student population of 36,443, earned top spots in several other categories.

It was No. 2 for rent, No. 4 for diversity, No. 7 for bars and restaurants and No. 8 for arts and entertainment.

»RELATED: This Georgia college has some of the most politically conservative students in the US

Although the students have a plethora of dining and shopping offerings in the walkable downtown, researchers did note that poor labor market conditions drive students away after graduation.

Curious about the other towns? Here’s the full list.

Top 20 college towns in America

1. Boulder, CO

2. Champaign-Urbana, IL

3. Flagstaff, AZ

4. Ithaca, NY

5. Iowa City, IA

6. Bloomington, IN

7. College Station, TX

8. Manhattan, KS

9. Columbia, MO

10. Bloomington, IL

11. Charlottesville, VA

12. Lafayette, IN

13. Fargo, ND

14. Athens, GA

15. State College, PA

16. Rochester, MN

17. Blacksburg, VA

18. Jacksonville, NC

19. La Crosse, WI

20. Bellingham, WA

»RELATED: Two Atlanta colleges among the best in the world in new global ranking

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