Thanksgiving is just days away and countless Americans a preheating their ovens and basting turkeys for their feasts.
The average cost of a Thanksgiving meal increased significantly during recent years. This year, the average household is expected to spend close to $50. While this may not seem like a considerable amount of money, it was an increase from 2022’s average cost of $49.20 and 2019’s $42.91, according to the American Farm Bureau Federation.
However, some consumers face much higher costs than others. Households in the following areas should ensure to take care with their budgets this Thanksgiving, and avoid the need to dip into their emergency funds once the festivities pass.
New York City Faces Highest Costs
Residents of the Big Apple are saddled with the most expensive Thanksgiving feasts this year, at roughly $80 per household. This is nearly 60 percent more expensive than the national average.
A lack of grocery stores, especially in boroughs such as Manhattan, is believed to be a major factor driving this trend. In addition, the cost of everyday goods in New York City are an average 230 percent more expensive than the national average, and it appears stores make little expectation on Thanksgiving.
Texas Residents See Most Affordable Prices
Residents of the Lone Star State – specifically, residents of Harlingen, Texas – can expect to pay the least for Thanksgiving this year. The average household there will spend an estimated $33 dollars, which is 33 percent below the national average, according to the AFBF.
Key Products Driving Prices Higher
A severe drought which impacted key agricultural areas during the course of 2022 is believed to be a driving force behind the rising cost of Thanksgiving feasts. Specifically, this had a notable impact on the price of turkey.
While turkey were not directly affected by the lack of rain this year, the cost of the food, such as grain and corn, was.
Between 2021 and 2022, the average cost of a 16-pound turkey appreciated to $22.23, making a 66-cent increase. Although this may not seem like a significant change, households buying larger birds could face more expensive costs.
Additionally, the price of bread, which is another Thanksgiving staple, experienced a notable increase from 2021 which could also contribute to more expensive grocery bills.