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 …
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners