Grocery prices have surged more than 25% over the past five years, putting pressure on households across the country. A new WalletHub report ranks New York among the more expensive states for groceries, with residents spending a significant portion of their income on food.
WalletHub analyzed the prices of 26 common grocery items in all 50 states and compared them to the median household income to determine where residents are spending the highest percentage of their earnings on groceries. New York ranked in the upper half of the cost spectrum, with the average grocery bill totaling $126.59 per week. That equates to 1.87% of the median monthly household income in the state.
While New York does not have the most expensive grocery prices overall, it ranks high in several individual categories. The state has the fourth-highest price for bananas, the third-highest for soft drinks, and ranks ninth in dishwashing detergent costs. Other essential items, such as eggs, sugar, and corn flakes, are also on the pricier side compared to national averages.
Despite rising costs, the report highlights that the states where residents spend the greatest share of their income on groceries are not necessarily the most expensive. Mississippi, for instance, has the lowest median household income in the country and, as a result, its residents allocate the largest percentage of their earnings to food, despite having relatively affordable grocery prices.
WalletHub analyst Chip Lupo noted that “while grocery prices have gone up tremendously in recent years, the states in which people spend the greatest percentage of their income on groceries actually aren’t those with the highest prices. Instead, the median incomes in these states are quite low.”
Experts suggest that households looking to cut grocery costs can take advantage of store discounts, buy in bulk, and opt for generic brands over name-brand products. They also recommend meal planning and using coupons to maximize savings.
The economic environment continues to influence grocery spending habits, with many consumers making trade-offs in their budgets. Some are cutting back on dining out, while others are switching to lower-cost alternatives at the store. With inflation persisting, grocery bills remain a key concern for households nationwide.
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