(WWJ) Fast food is taking a bigger bite out of paychecks in Detroit than almost anywhere else in the nation.
A new study by the personal finance site WalletHub reveals that fast food prices have jumped over 3% in the past year, outpacing inflation.
Researchers looked at the average cost of a burger, a small pizza, and a chicken sandwich across 100 major U.S. cities.
Fast Food Spending in Detroit (1=Most Expensive; 50=Avg.):
- Average Cost of Fast Food*: $24.25
- Average Cost of Fast Food* as % of Median Monthly Household Income: 0.73%
- 64th – Average Price of a Burger
- 54th – Average Price of an 11-12’’ pizza
- 23rd – Average Price of a Fried Chicken Sandwich
*Includes a burger, a pizza, and a fried chicken sandwich.
While Detroit's actual menu prices aren't the highest, the city's low median income means buying those three items consumes 0.73% of a household's monthly earnings -- ranking Detroit as the most expensive city in the country relative to income.
“Fast food has grown more and more expensive in recent years, outpacing inflation. As a result, it’s worthwhile for consumers to think critically about whether the convenience of fast food really justifies the cost – and about how much room they have in their budgets for this luxury," said Chip Lupo, WalletHub Analyst. "The city in which you live can have a big impact on how much fast food costs, too. People in the most expensive cities shell out over three times more than residents of the least expensive cities."
Experts note that budgeting is extremely important when eating out.
"Remember what you're buying and how it impacts your health," said Daniel E. Goldberg, an Associate Professor of Instruction at Temple University. "Smaller portions and fewer sugary drinks will help mitigate your spending.”
For the full report, visit this link.
