Pedro Quezada, a father of five, bought his ticket at a New Jersey liquor store.
A lump sum payout would be $221m.
Quezada said that his priority will be helping his family.
His wife, Ines Sanchez, said: “I still can’t believe it. We never expected it but thank God.”
The family’s apartment is in Passaic, part of working- class suburbs sprawling from New York. Neighbours spoke with pride that one of their own had struck it rich.
Eladia Vazquez described the Quezadas as “quiet and not overly talkative” but observed that they seemed to be working all the time.
“This is super for all of us on this block,” she said. “They deserve it because they are hardworking people.”
Neighbours said that the Quezada family has suffered bad luck in recent years. Two years, ago, thieves broke into their apartment and stole everything from clothing to jewellery. The year before, a fire destroyed much of the wine bar they run.
No one had won the Powerball jackpot since early February.
The largest Powerball jackpot ever was a $587.5m win last November.
Powerball is played in 42 states, Washington DC, and the US Virgin Islands. The chance of matching all five numbers and the Powerball number is about 1 in 175m.