Twelve factors, three categories, and 227 U.S. metropolitan statistical areas later, Penn Stater’s can rest assured that where they call home — at least for most of the year — is one of the top five college towns in the country.

State College was named the third best college town in the United States for college students by the American Institute for Economic Research, falling behind Ithaca, New York (Ithaca College) and  Ames, Iowa (Iowa State University) respectively to round out the three best college towns in the nation.

“Penn State’s University Park campus and State College have long enjoyed a close town-gown partnership,” Penn State President Rodney Erickson said in a press release. “The quality of life in our region benefits students and residents alike. ”

Three categories make up the AIER’s index, which include academic environment, quality of life, and professional opportunity. Penn State also was  ranked the third best college destination.

The move represented a downward one for State College, who sat at number two behind Ithaca in the 2010-2011 poll, and two spots ahead of Ames.

“A top AIER CDI ranking should be just as important to the town or city as it is to the schools located there,”and the families and students attending or considering them,” AIER director of research and education Steve Cunningham said in a release.