A new analysis by personal finance website WalletHub has declared Austin the No. 1 best city for veterans in 2024.

The report, "Best & Worst Places for Veterans to Live (2024)," ranked 100 of the most populous U.S. cities based on 19 factors, such as veteran unemployment rates, veteran income growth, each city's housing affordability, quality of life, and more.

Austin's veteran-friendliness, economy, and quality of life awarded the city a score of 71.29 points out of a possible 100. Rounding out the top five best cities for veterans are Orlando, Florida (No. 2), Raleigh, North Carolina (No. 3), Tampa, Florida (No. 4), and Virginia Beach, Virginia (No. 5).

Out of all four major categories in the report — employment, economy, quality of life, and health — Austin ranked the highest for its overall quality of life (No. 4) and employment (No. 10). The city earned a respectable ranking of No. 13 for the national "economy" category, and claimed No. 32 in the "health" ranking.

WalletHub's experts said Austin claimed the overall No. 1 spot because of its high-quality universities and income potential for veterans. The city has the ninth-highest median annual veteran income (amounting to more than $59,000), and the fourth-best job growth rate nationwide.

"It’s also good for veterans to live in a place where they can form a community of support with others who have gone through similar experiences," the report's author wrote. "Austin has the second-largest projected increase in veterans between 2023 and 2050, so that will certainly help veterans meet each other and forge friendships."

The report also mentioned that Austin boasts the 11th highest number of restaurants and attractions per capita that specifically offer military discounts, making the city a remarkable place "for going out to eat or enjoying entertainment as a veteran."

Military discounts aside, one of the most important factors that veterans often consider before settling down in a new city is whether there's a large veteran community, according to WalletHub analyst Chip Lupo.

"When veterans return home from serving our nation, it’s important for them to live in a place that provides good education and employment opportunities, along with access to quality care for their physical and mental health," said Lupo.

Austin is no stranger to WalletHub list, having ranked near the top for several years previously.

Austin was the only Texas city to make it into the top 10, with Laredo coming close by ranking 12th out of all 100 cities analyzed. Other Texas cities that earned spots in the top 50 include Fort Worth (No. 20), Plano (No. 22), Dallas (No. 25), San Antonio (No. 28), Garland (No. 33), Irving (No. 34), Arlington (No. 38), Lubbock (No. 39), and Corpus Christi (No. 50).

Even though a majority of Texas cities in the report landed among the top 50 best places for veterans to live, WalletHub placed Texas 28th in its 2024 study that ranked the "Best & Worst States for Military Retirees".

Nationally, Florida had the highest concentration of cities that were deemed the best places for veterans to live in 2024, with St. Petersburg (No. 9) and Jacksonville (No. 10) rounding out the top 10.

At the opposite end of the study, Newark, New Jersey (No. 100) was declared the worst city for veterans to live. Newark is joined by Detroit, Michigan (No. 99), Memphis, Tennessee (No. 98), Baton Rouge, Louisiana (No. 97), and Indianapolis, Indiana (No. 96) in the bottom five.

The top 10 best cities for veterans to live are:

• No. 1 – Austin, Texas
• No. 2 – Orlando, Florida
• No. 3 – Raleigh, North Carolina
• No. 4 – Tampa, Florida
• No. 5 – Virginia Beach, Virginia
• No. 6 – Irvine, California
• No. 7 – Scottsdale, Arizona
• No. 8 – Madison, Wisconsin
• No. 9 – St. Petersburg, Florida
• No. 10 – Jacksonville, Florida

The full report and its methodology can be found on wallethub.com.