Utah was named the best state in the nation in 2023, according to the U.S. News & World Report’s fifth annual state rankings, up from No. 3 last year. The Beehive State’s low unemployment rate has made it a hotspot for startups, tech entrepreneurs, and young people looking for job opportunities in a thriving economy.
Despite its natural beauty and booming work environment, the median list price for a home in Utah was $603,500 in March, roughly 43% more than the national price tag, Realtor.com reports.
Utah’s low unemployment rate is also another draw. It was just 2.4% in March—compared with 3.5% nationally, according to the U.S. Bureau of Labor Statistics.
However, prices across the state were also down 3.4% year over year in March. Higher mortgage interest rates have limited just how high many buyers are able to bid.
“Prices are starting to level off a little bit,” says [Kenny] Parcell. But even with new construction, there is still a shortage of homes for sale. That’s exacerbated by out-of-staters, ranging from young families to retirees, continuing to move to Utah from other parts of the country. “There are a lot of job opportunities.”
For the full list of the top states in 2023 …
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