Photo Courtesy of JFK
John F. Kennedy International Airport ranked among the 25 airports with the largest price increases as of the second quarter of 2022.
By Michael V. Cusenza
John F. Kennedy International Airport ranked among the 25 airports with the largest price increases as of the second quarter of 2022, according to SmartAsset, an online destination for consumer-focused financial information and advice.
According to SmartAsset, it analyzed airfare price increases nationally and across the 100 busiest airports (based on the total number of domestic passengers in 2021).
Key findings of SA’s analysis:
- Average airfare prices skyrocketed, increasing nearly 21% over the second quarter of 2022. Data from the Bureau of Transportation Statistics shows that from the first to second quarter of 2022, the average cost of a domestic flight in the U.S. increased by nearly 21% from $328 to $397.
- Passengers can expect to pay more than $500 on average at three airports. Dane County Regional (MSN) – which serves Madison, Wisconsin – has the highest average fare of $526. Washington Dulles International Airport (IAD) and Birmingham-Shuttlesworth International Airport (BHM) follow closely behind with average airfares of $526 and $503, respectively.
- Western airports are seeing large increases in airfare. Six of the 10 airports with the largest price increases are in the West, including two in Washington, two in California, one in Idaho and one in Arizona. Of those, Fresno Yosemite International Airport (FAT) ranks worst, with an average airfare of $474 in the second quarter of 2022 (42% and $140 higher than it was a year previously).
And airfare prices in 2022 continue to skyrocket, SA noted. Some cities have seen even larger recent increases than the nearly 21-percent national increase. Specifically, four airports had an increase of over 30 percent – three in California and one Arizona airport. Out of the 100 busiest airports in the U.S., just one experienced a decrease in airfare – Myrtle Beach International Airport (MYR) in Myrtle Beach, South Carolina.
With the addition of Washington Dulles International Airport (IAD) to the airports with an increase of over 30 percent, five airports have had an increase of roughly $100 or more between average airfare in the first and second quarters of 2022.
SmartAsset also provided financial tips for holiday travelers:
- Let travel planning websites do the hard work for you. According to Andrew Rosen, Certified Financial Planner for Diversified LLC, “There are still deals to be had, particularly if you can be flexible in your travel. Set up alerts for your flights and keep an eye on your routes to see when you can find the best airfare, and then book it when it hits a rate that you’re comfortable with.”
- Do the math to save more. Luckily, many U.S. cities offer access to more than one airport and give passengers the option to shop around for more affordable rates. “If you’re lucky enough to live near more than one airport, price out driving to another airport nearby, as adding in a bit of a drive may still be cheaper than flying out of the closest airport to you,” says Andrew Rosen, Certified Financial Planner for Diversified LLC.
- Work hard (today), so you can play hard (in retirement). Work with a financial advisor to put together or manage your current financial plan so you can travel more in your retirement.
