A lot of Americans think of their pet as part of the family, but when adding a new four-legged member to the family, they might not realize how much it’ll cost them. Between vet visits, food and everything your furry friend needs, the expenses add up quickly and a new report reveals the true cost of owning a pet in 2024.
According to research from consumer spending site ValuePenguin:
- Almost two-thirds (66%) of American households have at least one pet. Nearly half (49.4%) have a dog and over a third (35.3%) have a cat.
- Overall, Americans are projected to spend $150.6-billion on their pets in 2024. Breaking that down, each of the 86.9-million U.S. households with a pet are expected to spend an average of $1,733.
- The cost of being a dog owner varies depending on the size and breed of the pup, with smaller ones generally costing less than larger ones.
- Dog owners can expect to spend an average of $1,248 on their pet in 2024. Veterinary care takes up the most money, $387 for the year, on average. The total also includes $349 on food, another $348 on products, and $148.78 on “other services.”
- It costs slightly less to own a cat this year, an estimated $836. This includes $326 on products, $259 for food and $217 at the vet.
- Pet insurance is another expense that’s continuing to increase in price, just like vet care. The average premium for accident and illness coverage for dogs in 2023 was $675.61, and it’s much less for cats, at $383.30.
Source: Fox5NY