Here's what I did:
I wanted to stay in my home state. All the schools in my state have pretty much the same pre-reqs. The first two years, I applied to my home state schools, got interviews, but didn't get in anywhere.
After two years, I was really tired of not getting accepted so I started looking at other schools. The first step, I went through Pharmcas school pages and wrote down the name of every school where I currently had enough pre-reqs to get accepted. Then, I looked for schools where I lacked a few of the pre-reqs, but could finish them by the time I applied next time. For my third step, I looked at how much tuition was at each school. I had a reasonable limit as to how much I was willing to spend on tuition alone. Then I considered the cost of living at each of those places in relation to their tuition vs. tuition and cost of living at other locations. I was then able to narrow down my list to about a dozen schools including my home state schools. NAPLEX passing rate, and reputation of the school also played a part in my decision.
I did get accepted to my first choice for out of state schools!! GO REBELS!!!