A record number of Americans are expected to travel over the Fourth of July weekend this year despite facing higher prices compared with a year ago, according to AAA. 

The automobile club projected that 50.7 million Americans will travel at least 50 miles from home during the long weekend, surpassing the previous record of 49 million travelers in 2019.

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The projection is also an increase of 2.1 million compared to 2022, AAA reported.

"What this tells us is that despite inventory being limited and some prices 50% higher, consumers are not cutting back on travel this summer," AAA Travel Senior Vice President Paula Twidale said.

The number of Americans traveling by car is also expected to hit a record of 43.2 million. That's an uptick of 2.4% from 2022 and 4% higher than pre-pandemic levels, according to AAA.

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Drivers will get a bit of relief too given that gas prices are more than a dollar less than what they were a year ago. The national average for a gallon of regular gasoline is hovering between $3.50 and $3.60 due to the lower cost of oil. A year ago, the price for a gallon of gas was around $4.90, according to the latest figures from the automobile club. 

Meanwhile, the share of air travel over the holiday is expected to notch 8.2%, the highest percentage in two decades, according to the data. 

A record with about 4.17 million Americans are expected to fly, surpassing the previous record of 3.91 million in 2019. The figure is 11.2% higher than a year ago and 6.6% higher than pre-pandemic levels, underscoring how passengers are willing to pay 40% to 50% more for flights, according to AAA.

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Another 3.36 million people are expected to travel by either bus, cruise or train, an increase of 24% over last year.