Conversely, look at schools like Rochester, Syracuse and Case Western. 50 to 60 years ago, there were much more prestigious schools, but the MSA’s they are located in have not thrived and the schools have slid in the rankings.
Emory and Tulane are are good studies. 30 years ago, they were similar in terms of prestige in the south. Today, Emory has ridden Atlanta’s coat tales to a top 20 ranking, while Tulane has been hit hard by Katrina and the economics of New Orleans.