FAYETTEVILLE (KFSM) -- Fayetteville topped U.S. News and World Report's list of the 20 Best Affordable Places to Live in the U.S. for 2016.
Earlier this year, Fayetteville was named the third best place to live in the company's 2016 list of best places to live in the U.S.
The study looked at cities' rankings on U.S. News' list of the best places to live, as well as population, median home price, annual salary and percent of income spent on living expenses for their rankings.
According to the report, the average Fayetteville citizen spends less than 24 percent of their income on living costs, which is the lowest on the list.
Several people are capitalizing on Fayetteville's popularity. The city is growing steadily, with a 4.76 growth rate between 2010 and 2014.
City officials said this ranking should encourage business owners to consider opening shop in Fayetteville.
"It is a great place to start a business. It is a great place to start a family," said Steve Clark, President of the Fayetteville Chamber of Commerce. "It is a great place for new beginnings, or reinvention of beginnings."
"Costs [of living] do go up, but we maintain the pace with that by paying good living wages in the city," said Lioneld Jordan, Mayor of Fayetteville.Another Arkansas city came in at No. 4 on the list -- Little Rock.
Little Rock was ranked 32 on the best places to live in 2016, and citizens spend an average of just over 27 percent of their income on living expenses.