Yahoo Finance 15 Best Family Vacations on a Budget for $5000
In this article, we are going to take a look at the 15 best family vacations on a budget for $5000. If you would like to skip our detailed analysis of the US travel industry, you can directly go to the 5 Best Family Vacations on a Budget for $5000.
According to the World Travel & Tourism Council, the US has been one of the countries leading the rebound of the tourism industry in a post-pandemic era. As per WTTC’s report, the US travel and tourism sector contributed $2 trillion to the country's GDP in 2022, showcasing a 16.9% increase. 2.7 million more jobs were created compared to the previous year, which shows this sector's high employment potential. Things were looking up at the end of 2022, but that trend didn’t carry forward into the year 2023.
State of Tourism in the US
According to the US Travel Association, the country had only reached 84% of 2019 visitation levels by December 2023, with a gap of 16% still needing to be overcome. In addition, a report commissioned by US Travel and conducted by Euromonitor revealed further insights into how the US compared to other top travel destinations worldwide. Among 18 countries, the US ranked second to last, with an overall score of 47/100. In the report’s findings, the US ranked last in terms of visa wait times as well as the strength of national leadership and tourism strategies. US visa interview wait times can go up to 400 days in many top markets, making the US an unreliable place to travel to. The issue of national leadership occurred because the US doesn’t boast many specific national-level strategies for increasing inbound visitation, nor does it have a minister dedicated to tourism or travel.
The report also expanded on visitation levels, a metric in which the US fell to the third spot. In 2023, the country received 67 million visitors, whereas 79 million people visited in 2019. The country also received poor rankings in security and facilitation upon arrival, mainly due to lengthy wait times at the airport. Only 36% of the airports in the US utilize biometric entry and exit systems, the lack of which brings inefficiency to onboarding and off-boarding processes. One of the metrics in which the US performed extraordinarily well was global connectivity, as the country ranked at the top due to being a major hub for global connecting flights. The US also received one of the top rankings in the travel promotion category, which the Travel Association credited to Brand USA, a venture of public-private partnership meant to market the US travel industry.
While some of the metrics do warrant praise for the US tourism industry, others painted a dire picture of its current state. On January 11, 2024, the US Travel Association revealed these findings as one of the critical reasons behind creating a new Commission for Seamless and Secure Travel. The Commission will be led by Kevin McAleenan, the former Acting Secretary of Homeland Security. It will include other former members of the government as well as experts from the private sector. The Commission's primary goal is to suggest policy recommendations that can foster tourism growth within the US, solving the issues pointed out in the Euromonitor report. You can also take a look at 16 Best Places to Buy a Vacation Home in 2024.
Impact of Inflation, Competitive Growth on Travel Companies
This lack of competitive growth, paired with the rising inflation within the US, has also impacted other tourism-related companies. Airbnb Inc (NASDAQ:ABNB), a leading short-term rental company, faced significant shifts in the year 2023. According to a Bloomberg report, published on August 10, 2023, available revenue per room in areas of Orlando and California dropped by 6.4% and 17%, respectively, in the first half of 2023. This led to a surge in online panic, with people questioning whether Airbnb Inc (NASDAQ:ABNB) is on its way to dying out. However, things are not that dire. On February 13, Airbnb Inc (NASDAQ:ABNB) reported a positive surprise in its revenue for the fiscal fourth quarter of 2023. The company reported a revenue of $2.22 billion and outperformed market expectations by $53.47 million.
Search for Cheaper Alternatives Amidst Rising Inflation
On February 13, Reuters reported that the Consumer Price Index rose by 0.3% in January, whereas the year-on-year increase was 3.1%. As the rates of rent and other commodities increase, consumers flock towards cheaper alternatives in every segment of life, including travel and tourism. Families are searching for the best vacations on a budget, and websites such as Tripadvisor, Inc. (NASDAQ:TRIP) can provide valuable information in this scenario.
Not only does the website provide useful information regarding tourist spots in every country around the world, it is also introducing new features to enhance customer experience. On February 21, Tableo, a restaurant reservation system, announced its partnership with Tripadvisor, Inc. (NASDAQ:TRIP). Using the Tableo-integrated version of Tripadvisor, Inc. (NASDAQ:TRIP), travelers can easily reserve seats at any restaurant they want, affordable or otherwise. This partnership will also benefit the restaurants signed up with Tableo, as they will be able to access the reviews left on Tripadvisor, Inc. (NASDAQ:TRIP).
Amidst this backdrop of rising inflation and prices, potential travelers can benefit from discovering the best family vacations on a budget below $5,000. You may also like to read about the 30 Most Affordable Winter Vacations in the US.
15 Best Family Vacations on a Budget for $5000
Our Methodology
For the purpose of ranking the best budget family vacations below $5,000, we undertook a consensus approach. After consulting over 10 online travel expert sources, we generated a list of budget vacation places that appeared in at least 50% of our sources. To further shortlist fifteen places, and rank them in order from most expensive to least, we utilized average rates for flights and night stays. We considered these two metrics because they tend to take up the highest chunk of any vacation’s budget, whereas food, shopping, and entertainment costs vary depending on the trip you wish to take. Each place listed in this article has a range of dining options and activities, within every price budget.
Please note that the flight rate is per person, whereas the accommodation rate is for one room that can host two adults and two kids. For both these rates, Kayak was consulted. Flight fares are round-trip, with the starting location being Newark, New Jersey. For accommodation in particular, only 3-star+ lodgings were considered, with a minimum average rating of above 6. Also, note that both rates are from the time this article was written. These numbers are only meant to present a moderate idea of how affordable a place is. Depending on the tourist influx, each place on this list will be cheapest at a different time of the year.
Going by this methodology, here is our list of the 15 best family vacations for a budget lower than $5,000.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Best Family Vacations on a Budget for $5000
15. Colorado Springs, Colorado
Flight Fare: $589
Accommodation: $75
Total: $664
Visiting Colorado Springs in the summer is one of the perfect vacations for families who love outdoor adventures. Zip-lining, golf, fly fishing, and cycling are just some of the activities that are available to try. Cycling tours start from $129 per person, so a family of four can enjoy them for less than $550. For families who enjoy museums and art galleries, there are a ton of those that can be visited for free.
14. Punta Cana, Dominican Republic
Flight Fare: $557
Accommodation: $36
Total: $593
The Dominican Republic is one of the best options for families looking to travel abroad on their vacation. Flight fares will be your most considerable expense for this holiday because accommodations and local dining spots cost much less than they do in the United States. One USD equals 58 Dominican pesos, as of February 22, so basic restaurant meals will cost around $10 per person, on average. Punta Cana in the Dominican Republic is one of the best budget family vacations for those who love beaches and laid-back holidays.
13. Williamsburg, Virginia
Flight Fare: $493
Accommodation: $79
Total: $572
In addition to nature, Williamsburg has adventurous activities such as water parks and roller coasters, which are perfect for families with kids. Biking and kayaking are popular activities many people sign up for when they visit the city. A private canoe ride costs $2 per day, whereas pedal boats cost $8 per hour. For those searching for boating season passes, fishing passes cost $72 and are valid for a year.
12. Yellowstone National Park, Montana
Flight Fare: $341
Accommodation: $223
Total: $564
Due to its popularity as a tourist spot, Yellowstone National Park might only be an affordable vacation for families already residing nearby. Accommodation prices begin from upward of $200, which can be pretty pricey, especially for bigger families and during peak tourist seasons, late May through September. Visiting in late April or early May, as soon as the road opens, will be the cheapest for a family vacation.
11. Hot Springs, Arkansas
Flight Fare: $413
Accommodation: $120
Total: $533
Hot Springs in Arkansas is one of the best budget family vacations for hiking enthusiasts. Most hiking trails are easily accessible from nearby accommodations and have no entrance fee. The Hot Springs National Park itself is free, so families can visit the park and its museum to enjoy both nature and history for free. Instead of staying in pricier hotels, families can also buy spots at the campsites, starting at around $34.
10. San Diego, California
Flight Fare: $418
Accommodation: $111
Total: $529
San Diego has warm temperatures around the year, so families have the benefit of visiting off-season in order to find more affordable rates. The peak tourist season is from June to August, so expect the hotel rates to be highest during these months. San Diego has over 60 beaches, many of which have smaller waves, perfect for children’s surfing. In addition to enjoying the beaches, families can also do several adventurous things in the city, such as visiting museums or zoos.
09. Gatlinburg, Tennessee
Flight Fare: $360
Accommodation: $99
Total: $459
Gatlinburg is one of the best budget family vacations to visit nature, as it provides affordable access to the Great Smoky Mountains National Park. The park provides family activities like wildlife viewing, biking, and hiking, all of which can be enjoyed together by the whole family. The Gatlinburg Trolley will take you through town for free, enabling you to save further money during your budget vacation.
08. St. Louis, Missouri
Flight Fare: $364
Accommodation: $79
Total: $443
April is one of the best months to visit St. Louis because the weather is moderate, and children are usually on spring break. Sites like the Missouri History Museum, St. Louis Zoo, the Science Center, and the Ulysses S. Grant National Historic Site can be visited for free. Many of our sources consider St. Louis a must-visit place for kids, making it one of the best family vacations on a budget of $5,000.
07. New York City, New York
Flight Fare: $279
Accommodation: $95
Total: $374
Most people miss out on vacationing in New York City due to its reputation as one of the most expensive cities in the US. While this repute certainly holds for those who want to live in the city full-time, visiting for a few days will not damage your wallet as much. Once you secure cheaper accommodation outside the Manhattan area, there are several free activities you can enjoy, such as hiking, biking, visiting the parks, and taking the Staten Island Ferry.
06. Adirondacks, New York
Flight Fare: $278
Accommodation: $90
Total: $368
Adirondacks is one of the best budget family vacations for camping and kayaking, perfect for families who enjoy living within nature itself. Campsite reservation rates begin at $7.25, whereas kayak rentals start at $45. The best part is the availability of free local concerts in the vicinity, which many tourists visit. Fishing is also a popular activity in the region, so families have various options to pick from.
Click to continue reading and see the 5 Best Family Vacations on a Budget for $5000.
Suggested Articles:
Disclosure: None. 15 Best Cheap Family Vacations on a Budget for $5000 is originally published on Insider Monkey.