Americans Can No Longer Afford Their Pets

They're our best friends, part of the family and sources of endless comfort, joy and laughter; but pets are also becoming increasingly pricey companions for Americans.

A majority of 72 percent of pet owners responding to an exclusive Redfield & Wilton Strategies survey conducted on behalf of Newsweek said that the cost of looking after their pets has increased in the past year.

The survey was conducted among a sample population of 1,500 eligible voters in the U.S. between March 23 and 24, 2024. A majority of 65 percent of all respondents said they owned a pet at the time of the survey—a number that reflects the nationwide data reported by the American Pet Products Association (APPA), which writes that 66 percent of U.S. households (86.9 million homes) own a pet.

A majority of these households (65.1 million homes) own a dog, followed by those who own a cat (46.5 million households). In 2022, the latest data made available by APPA, pet owners spent a total of $136.8 billion on their pets, up from $123.6 billion a year before.

On average, dog owners spend more on their pet (about $1,400 a year) than cat owners ($1,200), as per an APPA report, considering all possible expenses: vaccinations, bed, food, leashes, harnesses, collars, grooming supplies, training, boarding and passport.

These rising costs are a source of concern for many pet owners. Some 43 percent of respondents to the poll said they were very (21 percent) or fairly (22 percent) concerned about their ability to financially support their pet, while an additional 22 percent were only slightly concerned.

Why Pets Have Become More Expensive

The main reason the cost of owning a pet has climbed in recent years is linked to higher veterinary bills.

"Like for other health care sectors, the cost of delivering veterinary medical services continues to rise," Dr. Rena Carlson, President of the American Veterinary Medical Association, told Newsweek.

"Reasons include rising cost of pharmaceutical products used to treat acute and chronic conditions; the need to acquire new technologies and the latest medical equipment to ensure veterinarians are able to continue to deliver the most effective and up-to-date care for their patients; and increases in general operating expenses, such as electricity, building rents/mortgages, telecommunications services, and so on," she added.

Veterinary care has become more sophisticated, Carlson said, at the same time as pets have started to live longer. "This is a very good thing—of course!—, but it also means more veterinary care is needed over the span of an animal's lifetime," she said.

Not everyone can keep up with these climbing costs. Some 37 percent of pet owners responding to the Redfield & Wilton Strategies/Newsweek said they would find it difficult to pay for a minor operation for their pet right now.

The higher cost of taking care of a pet and buying supplies for them is particularly heavy on people living in poverty. "In the U.S., at least 20 million pets live in homes affected by poverty or in underserved areas where resources are limited or essentially nonexistent," Amanda Arrington, vice president for the Humane Society of the United States' campaign to increase access to care, told Newsweek.

"We are working to increase equity in access to care through a variety of interconnected approaches: community outreach, policymaking, training for veterinary and animal welfare professionals, corporate partnerships and direct care programs that provide veterinary care, pet supplies, other animal care services and information at no cost to pet owners," she said. "Individuals looking to help keep pets with their families can take simple actions like donating to a pet food pantry or a veterinary care fund."

Vet Bills v. Pet Insurance

Portland-based Mary Leone is the proud owner of a rescue dog named Frisco, a mix of 19 breeds. She's had Frisco for almost four years now, as she got him towards the start of the pandemic. "He is what we call a pandemic pup," she told Newsweek.

Leone spends about $250 for "regular routine stuff" on Frisco. "This includes his food, treats, dog walker, pet insurance, etc." Her highest pet-related expense is probably the vet bills, she said.

"A routine vet check-up with vaccines can add up, but it's mostly the additional costs of taking them to urgent care/vet hospital if there is something acutely wrong," she said. "Luckily an ER trip hasn't happened to Frisco in a while, but to give you an idea, my boyfriend's dog needed to go to the ER a few months ago for ingesting chocolate—which is poisonous to pups—and that visit, which really just involved them inducing vomiting and giving him some fluids afterwards, was around $500."

Leone said that pet-related expenses "do add up for sure." She said that it's tough to have to decide between "investing in pet insurance, which is an ongoing monthly cost that adds up over their lifetime, or just expecting that you'll have at least a few unexpected vet visits throughout their life that could be quite high—maybe even 5,000-10,000 if surgery is involved."

Many pet owners are now turning to pet insurance policies to avoid higher vet bills should something bad happen unexpectedly. But Carlson said that preventive veterinary care—like vaccination, parasite control and weight management—is "the best way to keep animals healthy and happy for years to come" and prevent costly health problems further down the line.

Leone also noted that there aren't enough vets for the number of people who have pets, something which makes the whole process of seeking veterinary care more daunting.

"At least that seems to be the case here in Portland, OR, where there are tons of pet owners," she told Newsweek. "So you take the stress of having a huge bill and add that on to the stress of waiting for several hours or even overnight in the animal hospital, because the demand for pet care is so high."

Leone added that though "things can get pricey," Frisco is "the best boy and I love him more than anything. He is 100 percent worth every penny."