If you are planning on traveling this Independence Day holiday you're going to have plenty of company.

That is because AAA projects a record breaking 44.2 million people will travel 50 miles or more between June 30 and July 4—a whopping 1.25 million more than last year and the most ever measured by AAA's projections. Another 3.2 million will use some other mode of transit this weekend, including trains, buses and cruise ships.

There are numerous reasons why travelers are opting to hit the road for the holiday, according to Robert Sinclair, media manager for AAA Northeast, converging to form the perfect storm of crowded roads.

Sinclair told CNBC's On The Money that "the economy is good, people have more money in their pockets, salaries are up, household net worth is up, disposable income is up, airfares are down, car rental rates are down, and AAA 2-Diamond hotels are also a bit lower," than a year ago.

The most popular method of travel measured by the organization was driving, which made up 85 percent of those traveling, an estimated 37.5 million people. That figure was up 2.9 percent from last year.

Meanwhile, 3.4 million people are expected to take to the skies this holiday weekend, up 4.6 percent from 2016, the AAA noted. According to industry group Airlines for America, airlines have added 123,000 seats per day, just to keep up with the demand.

Flyers are being spurred by broadly cheaper flights. AAA's Leisure Travel Index shows average fares for the top 40 domestic airline routes dropped 10 percent from last year, even as hotel costs were roughly the same as the last year. Meanwhile, car rentals are 14 percent less from 2016.