Mankiw's advice for choosing a graduate program

5. Is the location of the school a fun place to live?  Grad school is a long haul, typically 4 to 6 years, which is a significant fraction of your life.  Being a PhD student is hard work, but it should not be a miserable existence.

6. Is the university overall a good place?  It is always more fun being part of a great institution.  Even if the economics department is perfect, if it is an island in a sea of mediocrity, being there will be less satisfying.

Quoted from Greg Mankiw's Blog (March 14, 2010)