Is the location of a university important...?

I live in Arizona and if I wanted to go to school in Vermont, would i have trouble finding a job back in Arizona? Also, Does the ranking of the school matter? University of Arizona is ranked 120 and Arizona State is ranked 143 while University of Vermont is 94 and Michigan State is ranked 79. Any information about going to school out of state vs. Instate and college rankings will be greatly appreciated! thanks