When it comes to the Land of Ten Thousand Lakes, there's no shortage of unique and noteworthy towns, and one of them was just named the absolute best place in America.

Money magazine recently released its annual list of the best places to live in the entire U.S. On it, a number of Minnesota and Iowa towns are mentioned, but this small town stands above the rest.

To come up with the list, Money looked at cost of living, economic opportunity, education, health, along with a number of other factors.

Get our free mobile app

So, what Minnesota town took home the top spot? That would be the Twin Cities suburb of Chanhassen.

credit: WCCO via YouTube

Chanhassen is a town of around 25,000 residents in Carver County. It's home to Paisley Park (Prince's Home) and the famous Chanhassen Dinner Theatre.

Why did Chanhassen take the crown this year? According to Money Magazine, the unique community has just about a bit of everything within its borders. Its arboretum is one of the best around. It has plenty of trails and activities for lovers of the outdoors. It has museums, culture, and diversity.

The town also has a low crime rate and has top marks in terms of education and health care.

Money also named a number of other Minnesota and Iowa towns to its list. You can find the full list from Money Magazine here.

Story Source: Money

Story Source: Only In Your State Minnesota

LOOK: Things from the year you were born that don't exist anymore

The iconic (and at times silly) toys, technologies, and electronics have been usurped since their grand entrance, either by advances in technology or breakthroughs in common sense. See how many things on this list trigger childhood memories—and which ones were here and gone so fast you missed them entirely.

13 Famous Iowans