These are the 10 best places to live in the US in 2018

For the second year in a row, Austin, Texas has been named the best place to live in the United States.

U.S. News & World Report just released its third annual ranking of America's 125 largest metropolitan areas based on affordability, job prospects and quality of life.

"Relocating to a new part of the country is a common occurrence for millennials, who have largely emerged in the professional world ready to move for the right job, regardless of where it takes them," U.S. News & World Report real estate editor Devon Thorsby tells CNBC Make It.

Research shows that where you live can have a great impact on your health, well-being and overall happiness, all of which millennials are now taking into consideration as they take better care of their health.

"As more millennials are starting families and thinking about their careers with a more long-term scope, their choice of where to settle down brings more factors into the mix than before," Thorsby says.

Compared to last year, the 2018 list also introduced 25 additional, smaller metro areas that offer competitive job markets and value compared to the country's biggest cities, says Thorsby.

The study analyzed survey responses from 3,000 people as well as data collected from the U.S. Census, the Gallup-Healthways Well-Being Index, the Bureau of Labor Statistics, the FBI Uniform Crime Report and other U.S. News rankings.

"The job market certainly still plays a major role in the decision," Thorsby adds, "but so does the affordability of the area, the quality of education, commute time and growth of the area, signifying the metro area's long-term success, among other factors."

Here are the 10 best places to live in the United States in 2018.

Colorado Springs' booming job market and high quality of life contributed to the city's climb from No. 11 to No. 2 this year, according to a press release from U.S. News.

Meanwhile, Huntsville offers employment opportunities in STEM fields and scored the highest value score out of all places on this year's list. Portland also soared from No. 32 to No. 6 largely due to more people moving to the area and a growing job market.

For those looking to move to a state that can boost their overall well-being, here are the top 10 happiest and healthiest states in the U.S. as of 2017.

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