For me, I only applied to schools that 1) fit my research and 2) was within my geographic location. When deciding on my schools, research and mentor fit was my number 1 priority. That being said, I never considered the question of funding at all and looking back, I do think that it is important to keep it into consideration.
Unlike undergrad (which I chose based on school ranking), I chose this program because I thought I would be happiest going to school here for the next 7 years. The program objectives as well as the career trajectories of graduates of this program matched my own career goals.
I also think a large part depends on the age you are at. If you are older, you may have more ties to a specific area- whereas if you are a fresh grad, you may be more keen on the idea of living somewhere new and exploring.
Best of luck!