(RALEIGH) -- Raleigh-Cary ranked 8th on a list of the best college towns in America, according to the American Institute for Economic Freedom. And Steven Cunningham with the institute explained why Durham-Chapel Hill placed 5th on the list of small college metros.

"There's some strength there in terms of the student population and student diversity.  In concentration, there's a nice arts and leisure component there, so there're a lot of factors there that make for positives," said Cunningham.

Fayetteville jumped 23 spots to land at number 20 on the list of small college towns. "There's a fair amount of degree attainment.  There's a large creative community there.  The cost of living is very low.  There is a pretty high earning potential there.  It looks as though that the economy held up better that some in the recession."

Fayetteville is home to Methodist University and Fayetteville State University.