Inflation is surging in the United States – in large part because of rising food prices. In cities across the country, food today is 8% more expensive, on average, than it was a year ago, and American families are feeling the pinch.
According to the Economic Policy Institute, a nonprofit think tank, a single adult can expect to pay an estimated $3,404 on food in 2022. This amount varies across the country, however, and despite rising costs, there are many major metropolitan areas where Americans are paying far less than the estimated national average for food. Here is a look at the countries with the most and least affordable groceries.
Using data from the EPI’s Family Budget Calculator, 24/7 Wall St. identified the 50 U.S. metro areas with the lowest food costs. Metro areas are ranked on estimated food expenditure in 2022, assuming a nutritionally adequate diet for a single adult where almost all food is bought at a grocery store and prepared at home.
In metro areas with the same estimated annual food cost, the metro area with the lower food insecurity rate – defined as the share of the population not always able to afford or otherwise access well-balanced meals – ranks as having lower food costs.
Among the metro areas on this list, estimated annual food costs range from $2,428 to $2,951. The majority of metro areas on this list are in the South, including 14 in Texas alone. Lower food costs in these places are often a reflection of what residents can afford. Nearly every metro area on this list has a lower median household income than the national median of $64,994. Here is a look at the income needed to be middle class in each state.
For many in these metro areas, food costs are not sufficiently low to offset the low incomes, as in the majority of these places, the share of residents receiving government assistance to afford groceries in the form of SNAP benefits, or food stamps, exceeds the national recipiency rate of 12.1%.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.