Thinking of Moving? This Is the Best State in America in 2023

Those thinking of relocating might want to head to Utah.

Utah was named the best state in the nation, according to U.S. News & World Report’s fifth annual state rankings. The Beehive State shot up from its No. 3 position last year thanks to its high scores in health care, its economy, and the state’s fiscal stability. Utah has become a hot spot for startups, tech entrepreneurs, and young people thanks, in part, to its low unemployment rate.

“So many things—a thriving economy, stunning natural beauty, a strong sense of community where people look out for each other, world-class educational opportunities, responsible government, and much more—make Utah a truly special place,” Utah Gov. Spencer Cox said in a statement.

States were evaluated in eight categories: health care, education, economy, infrastructure, opportunity, fiscal stability, crime and corrections, and natural environment. More than 70 metrics and tens of thousands of data points were considered. (Washington, DC, was not included in the analysis.)

More than half of the top 10 states had median home prices above the national median of $424,495.

Homes in Utah certainly aren’t cheap. The median list price was $603,500 in March, about 43% more than the national price tag, according to the most recent Realtor.com® data.

“When the [COVID-19] pandemic hit, it made it so a lot of people could telecommute. So we had a lot of people from the more expensive East and West Coasts come to where it’s just more affordable in a highly desirable area,” says real estate broker Kenny Parcell, at Equity Real Estate Utah, who works in Salt Lake and Utah Counties. “They got a lot more square feet for their money than in those other areas.”

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 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.”

The 10 best states:

1. Utah, median home list price of $603,500
2. Washington, median home list price of $629,000
3. Idaho, median home list price of $559,500
4. Nebraska, median home list price of $371,400
5. Minnesota, median home list price of $399,900
6. New Hampshire, median home list price of $549,900
7. Iowa, median home list price of $309,900
8. Wisconsin, median home list price of $369,900
9. Vermont, median home list price of $437,500
10. Florida, median home list price of $465,000

The post Thinking of Moving? This Is the Best State in America in 2023 appeared first on Real Estate News & Insights | realtor.com®.