The real cost of owning a pet (2023)

FAQs

What is the biggest expense to owning a pet? ›

The majority, 71%, of pet parents have witnessed the cost of pet food and treats, toys, and even vet visits go up along with their grocery bills.

While owning a pet can cost you money, the companionship and potential health benefits of pet ownership could help you save over time. If you can afford the upfront and ongoing costs of owning a pet, it can be well worth it in the long run.

According to a study conducted by OnePoll for AskVet, the average pet owner spends $111 monthly to care for their pet -- resulting in a yearly spend of $1,332. For pet owners with multiple pets, the total cost is even higher.

In a global analysis using artificial intelligence, researchers with Petplan have found that pet owners worldwide are significantly happier than their pet-free neighbors. In fact, pet ownership increases overall happiness by more than 22 percent globally.

Con: Health Care Costs

There is always the chance that your pet could get hurt or sick, and veterinary treatment can be expensive. You also need to plan for annual exam fees and the cost of preventive care, like vaccines and spaying or neutering.

Pets, especially dogs and cats, can reduce stress, anxiety, and depression, ease loneliness, encourage exercise and playfulness, and even improve your cardiovascular health. Caring for an animal can help children grow up more secure and active. Pets also provide valuable companionship for older adults.

Dog owners have better results after a major health event.

The studies found that, overall, dog owners tend to live longer than non-owners. And they often recover better from major health events such as a heart attack or stroke, especially if they live alone.

Millennials are a close second at $1,195, followed by Gen Xers at $1,100, with baby boomers bringing up the rear at $926.

All expenses considered, Gen Xers actually spend the most out of any age group on their dogs, while millennials spend the most on their cats, according to a different set of data collected for TD Ameritrade.

How much should you spend on a pet annually? ›

According to the Bureau of Labor Statistics, average annual household spending on pets rose from $460 in 2013 to $770 in 2021 — a figure that would be substantially higher if it excluded households with no pets at all.

It is okay to have feelings of regret about getting a puppy. It doesn't make you a bad person and it doesn't mean you shouldn't have your puppy. Feeling inadequate as a pup parent is quite common, but luckily there are things you can do to help with those feelings!

Pet owners worldwide are significantly happier than people who do not have pets, according to a new global study led by London-based pet insurance company Petplan.

Aim to have enough saved to cover at least three months' worth of your future pet's living expenses, prior to adopting or purchasing a dog.

For each following year of a dog's life, you will need a budget of $500-$1000 to cover food, vaccines, routine vet care, annual license renewal, toys, treats, and pet insurance.

The cost of owning a dog can be estimated at about $1,500 to $9,900 per year. There are ways to save money depending on the choices you make. Contributing factors include your dog's size and age, the region in which you live, your own lifestyle, and your dog's individual needs.

Studies have shown that pet owners are less likely to suffer from depression than people without pets. People with limited human social supports often experience feelings of loneliness and isolation, both of which can worsen depression. A pet helps to decrease these feelings by providing companionship to its owner.

Interacting with animals has been shown to decrease levels of cortisol (a stress-related hormone) and lower blood pressure. Other studies have found that animals can reduce loneliness, increase feelings of social support, and boost your mood.

Do pets get your personality? ›

Researchers at Michigan State University have discovered that dogs often take on the same personality traits as their owner. The study revealed that dogs are like humans in that they have personalities that are shaped over time.

A plethora of research has been done to try to answer this exact question and the results are in – our pets do love us back! While they may not show it in the same ways us humans do, our dogs and cats have their own unique ways of showing affection towards their human companions.

Evidence suggests that attachment to pets is good for human health and even helps build a better community. It's no secret that pets can contribute to your happiness. Studies show that dogs reduce stress, anxiety and depression; ease loneliness; encourage exercise and improve your overall health.

1. Tortoise. Those looking for a pet for life will find that the Tortoise is one of the best options out there. Some tortoise species have been known to live for over a century.

With some careful choices and a little planning, you can and should have a dog at any time in your life. As it turns out, when you are not a kid any longer, that may be when you want a dog most.

Worldwide, 33% of households own pets. Only 2% of Americans admit to having pet insurance. Only 20% of American pet owners can afford to pay a $5,000 vet bill. 59% of Russians own a cat, which makes the country the highest share of cat owners in the world.

Gen Z leads the category in small pet ownership, compared to the other generations, and owns the most fish, birds, reptiles and horses. Baby Boomers and Gen X are more likely to recognize the social and emotional benefits of owning a pet.

Women spend more than men on pets.

Men spent an average of $381, or 0.9% of their income, in the same period.

You can leave a pet alone. It's easier to find daycare for them. They can be expensive, but are far less likely to rival the financial burden that children — and later, teens — create. You don't have to uproot your social, romantic, or professional lives nearly as much to accommodate a pet.

Homeowners were almost three times more likely to own a dog, and the odds that a homeowner had a cat were 60 percent higher than the odds for non-homeowners. Wealthy people are more likely to live with pets than poor people. Individuals in higher income brackets were significantly more likely to own dogs and cats.

What is the best age to get a pet? ›

The age of your children is one factor to consider when getting a pet. Generally, since many dog bite injuries happen to young children, it may be safest to wait until your child is older than age 4. But think about your children and their individual maturity levels, because each child develops differently.

There are both initial and recurring costs to consider. The main costs include vet care, food, grooming, boarding and preventative treatments. According to the ASPCA, small dogs have an estimated monthly cost of $43, medium dogs cost an average of $56 per month and large dogs cost an average of $87 monthly.

“Some dogs will do better with more alone time than others,” he says. That said, for a general guideline, dogs should get a minimum of two hours of dedicated social time with humans or other dogs on a daily basis, which can be broken up into chunks of time over the course of the day.

Cats and dogs are a big personal and financial commitment. In the first year alone, a cat or dog will cost you between $3,000 and $6,000. After your first year together expect to pay at least: $1,627 each year for a dog.

Annual Expenses

The basic everyday expenses for a cat are food, water, and kitty litter—but a lot more goes into that cost, especially depending on your specific cat.

Common one-time expenses

These can include spaying or neutering, vaccinations, rabies shots, microchipping, licensing, training and pet supplies such as a crate, food bowls, leash, toys, brushes, litter boxes, litter and puppy pads.

Like dogs, cats require a down deposit of sorts in order to get them settled into life with humans. It typically costs anywhere from $1,100 to $2,000 to pay for first-time cat expenses. The estimated top three expenses are fees for adoption, spay or neuter surgery, and initial vet exams and vaccinations.

How Much Does a Cat Cost per Month? According to the ASPCA, you can plan to spend around $634 annually on your cat. This breaks down to around $53 a month.

A great way to save, especially with a cat, is to buy supplies like food and litter in bulk quantities. That way, you typically get a better deal, and a large bag of cat food can last a long time. To protect yourself (and your bank account) from large vet bills, consider pet insurance for your cat.

When a pet provides a service to a business, generates income, or is a service animal, pet expenses could be itemized. If you foster a pet or donate to pet charities, you might be able to take advantage of pet deductions.

How to afford a dog on a budget? ›

Dog owners worried about how to afford a dog on a budget can minimize these costs by choosing less expensive canned food and kibble or by making their own dog food. To save on other expenses, Müehlenberg grooms her dog at home, makes her own toys and treats and buys pet supplies in bulk.

Veterinary bills, pet insurance, food, supplies, training, grooming, boarding, and transportation costs are all examples of pet expenses you can write off on taxes. However, you can only claim pets on taxes if they meet certain criteria, such as contributing to income or serving a medical need.

Cats, while often independent creatures, still crave attention and love, in addition to their obvious nutritional needs of fresh water, clean litter, and food. If you decide to bring a cat or kitten into your home, you should be prepared to spend at least 20 minutes a day giving your cat loving one-on-one attention.

Owning a cat can bring unconditional love and companionship to your life. Having a feline friend can also help to relieve stress and improve your heart health. Owning a cat can be an extremely rewarding relationship.

Lifetime cat care expenses can top $45,000

A Synchrony study looked at how much pet owners spend on lifetime pet care costs and how those costs differed for cats and dogs. They used 15 years as a reference point to estimate lifetime costs. The study found that lifetime cat care costs range from $15,055 to $45,790.

Studies have shown that even small interactions with dogs cause the human brain to produce oxytocin, a hormone often referred to as the “cuddle chemical.” Oxytocin increases feelings of relaxation, trust, and empathy while reducing stress and anxiety. That warm and fuzzy feeling you get when you cuddle with your pooch?