In 2022, the US hit the highest inflation rate in 40 years and that has some changing up their New Year's Eve plans. So where does Phoenix rank in terms of affordable things to do?
According to WalletHub, Phoenix ranks number 44 on a list of the 100 best cities to celebrate the new year.
The Valley earned the number one spot for affordable fine dining options, 15th for affordable party tickets, and 27th for the average cost of an alcoholic beverage.
The company states 70% of Americans will spend at least $50 on food and drinks.
As you navigate how much money you're willing to spend, Chris Purcell with Pedal Haus Brewery says rising costs aren't just impacting customers, but businesses as well. He says they've had to absorb some added costs this past year, so a big night like New Year's Eve helps their business immensely.
"It's great for the community but also going back to the team members, it's also an opportunity for the people working that night to make great money as well," he said. "Kind of feeds the economy from both sides."
The restaurant and bar is preparing to host Valley residents for their rooftop disco bash in downtown Phoenix.
Wallethub says 34% of Americans plan to ring in 2023 from home. The company warns hotels are notorious for hiking up prices on New Year's Eve compared to the rest of the year.
For a list of local things to do to celebrate, click here.
