Location as a factor in University selection
University location has a major role to play in the job prospects after the degree program. It also impacts the cost of living in a big way. UCLA is an example of a reputable University in a very expensive city of Los Angeles. Texas A&M University is an example of a great University located in a small college town. A degree from either of these Universities is equally great, but the cost at UCLA is significantly higher.
Looking for jobs is easier if your University is located in a state with strong economic activity related to your education. A high proportion of software jobs are located in California. If you are pursuing your education in Petroleum Engineering, Texas is the place to be. Most automobile companies are located in Michigan.
If you are from a tropical country and have never experienced serious snowy winters, then consider Universities located in warm sunny locales, like the University of Texas at Austin. CMU is great, if you can survive the subzero temperatures. Moreover, for a student on limited budget, it is an added burden to buy warm coats, boots and perhaps a car to commute, whereas you can manage with only a bike in warm climates.
If you have to decide between two Universities with similar academic reputation, select the one which has locational advantage. However the goal should be to strive for academic excellence, location is just one of the factors to consider.