INDIANAPOLIS - A new analysis is suggesting which of 20 finalists might make the best location for Inc.'s (NYSE: AMZN) second headquarters. Using data from its latest America's Top States for Business study and other sources, CNBC says Austin and Dallas are the top contenders. Overall, Indianapolis received a grade of "B," which puts it in top 10 standing, on par with cities like Columbus, Ohio, Los Angeles and Raleigh.

Only six cities received rankings higher than a B: Atlanta, Boston, Denver, Miami, Nashville and Northern Virginia. CNBC says the cities ranked lower than Indianapolis include: Chicago, Montgomery County in Maryland, New York City, Newark, Philadelphia, Pittsburgh, Toronto, Washington D.C.

Indy's strength, the analysis suggests is the low cost of living compared to other metropolitan areas of similar size and the business-friendly environment in the state. It gets docked for having a comparably small number of international flight options and a workforce with low post-secondary education attainment levels.

Amazon has not released a date of when the preferred location of "HQ2" will be announced, but it has indicated a selection will be made by the end of the year. You can connect to CNBC's full ranking by clicking here.