Top cities for best airfare, hotel discounts

We're all trying to get the biggest bang for our buck when it comes to traveling, but how can we ensure we're maximizing our travel dollars?

A new report from Hotwire.com aims to help confused travelers.

The travel company on Wednesday released its October 2011 Hotwire Travel Savings Indicator, which features the top five cities in the U.S. where hotel and airfare rates have dropped the most in the last year.

So where are hotel prices plummeting across the nation? You may be surprised by the findings.

According to Hotwire, Rochester, New York claims the top spot, with a rate decrease of 12 percent. It is followed by Chattanooga, Tenn., Boise, Idaho, Santa Fe, New Mexico and Williamsburg, Virginia.

Santa Fe has reportedly seen a 6 percent drop in the last year, and rates have continued to decrease steadily for the last several months.

But before you book your stay, you have to book your flight.

Tennessee makes another appearance on Hotwire's airfare list, coming in at number one on the air price drop rankings. Knoxville has seen an 11 percent decrease in prices, with Hotwire fares averaging out at $296.

Kahului, Hawaii, Phoenix, Ariz., Boise, Idaho and Chicago, Ill. round out the top five.

According to Hotwire, Arizona and Hawaii are consistently seeing lower rates, with each experiencing a three percent price drop in Phoenix and Kahului, respectively.

Want more of the best travel deals on the web? Check out Hotwire.com .