Average vacation cost: 2024 breakdown - Pacaso | Pacaso (2024)

FAQs

What is a realistic budget for a vacation? ›

The average cost of a vacation for a single person in the U.S. is $1,984 and $3,969 for a couple. If you're traveling in a group of four, you can expect to pay upwards of $7,936 and up to $11,904 for a group of six.

The average vacation for one person in the United States costs about $1,986 per week. A vacation for two people will typically cost around $3,971 per week. How much does the average vacation cost? Costs are rising all over the world, and that has travelers exploring their options.

Deciding where to go and what to pack is stressful enough, let alone trying to determine how much money you need to bring. The general consensus is that you should have $50 to $100 in cash per day for each traveler. However, this amount could vary considerably depending on where you are vacationing.

The 5-10% of income number is for the whole calendar year. So when thinking about your vacation budget, you want to not only be thinking about your most immediate trip, but what other trips you want to take over the course of the year, so you know how much money you can allocate to each.

According to NerdWallet's February 2024 travel inflation report, the cost of hotels, entertainment, and dining out are rising, with overall travel expenses for the past 12 months up 3.1 percent through January 2024 compared to pre-pandemic levels. Hotels will be a big vacation investment.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

The average vacation cost for one person is around $1,986 for 1 week, according to BudgetYourTrip.com, but that number will vary depending on where you're traveling and what time of year you travel.

1The average price of a trip to Hawaii

On average, for a 3-week trip to Hawaii, you'll need to budget between $4,000 to $5,000/person(based on a 2-person stay), price including flights, accommodation (mid-range condo rental), domestic flights, car rental for each island and meals.

In fact, more than 1 in 10 (13%) are planning a spring break trip, with the average person willing to spend $2,700 on their travels. Looking back to 2023, 21% of Americans were willing to spend $2,001+ on spring break, while 37% are willing to spend $2,001+ on spring break in 2024.

Travel prices have increased for many of the same reasons that have affected other industries: inflation, rising labor costs, supply chain issues and debt service rates.

How much cash should I take to Europe for 2 weeks? ›

A good rule of thumb is to carry $50-$100 a day in the local currency while travelling. Remember, though, that cash may not be the best option to pay for travel expenses. Credit cards offer great rewards, lower transaction fees, and can help you get a better exchange rate.

With the average American adult traveling an average of 41 miles a day in 2023, that's a lot of time on the move.

The 5-10% Rule

Many financial experts suggest spending between 5-10% of your annual income on vacations each year. If you're striving to meet any important financial goals, like paying off debt or saving for a home down payment, keeping this closer to 5% can help you reach those goals more quickly.

Calculate the number of days of your trip and multiply by $50–$100 per person. If you traveling independently (no meals included), estimate an additional $50–$75 per person per day for food and drink. (This amount could vary depending upon your final destination and your own personal preferences and budget).