The Hidden Costs of Owning a Pet

Pets bring people so much joy, it’s no wonder so many households have them. According to the American Pet Products Association, 94 million U.S. households own a pet — and that number is spread across generations. For many, having a pet is a way to bring fun and companionship into their lives, as well as teaching responsibility to children.

Adding an animal to your family can be an exciting adventure. But pets also come at a cost. In 2024 alone, Americans spent $152 billion on their furry friends, from pet foods and treats ($65.8 billion) to vet care and product sales ($39.8 billion) to supplies, grooming and much more. The cost of owning a pet can be considerable. 

The average cost of owning a pet doesn’t just include the adoption fee or purchase price. Depending on the animal and the breed, pets may need food, tanks, plants, veterinary care, grooming, spaying and neutering, treats, toys or exercise.

If you travel frequently, your pet ownership costs include a pet sitter or boarding, which can add up quickly. Then there are pet medical bills since your animal can also develop conditions like diabetes or arthritis, or require an emergency vet visit, resulting in extensive veterinary care and medication. So, it’s important to make sure you’re able to care for a pet’s needs if unexpected health conditions arise.

Financial Realities Every Pet Owner Should Consider

All of these expenses can add up, making pet ownership costs and annual expenses steeper than people realize. So, before you head to a breeder or animal shelter, it’s important to take a step back and look at the whole picture. Have you thought about whether you or other family members have time to care for a pet? Have you considered the cost of owning a pet? Here are a few things to consider first.

1. Different Types of Animals Have Different Needs

And those different needs can translate into expenses. Before you choose an animal, research the type of pet you are thinking about getting. Maybe you’ve dreamed of owning an Olde English Bulldog your whole life — but you may discover when you research this breed that their potential health issues could add up to thousands in vet bills.

It’s easy to fall in love with a specific type of dog, cat or bird, but it’s important that you consider whether you have the resources to offer the vet care it needs for years to come. They deserve it, and so do you.

2. Pets Need Your Time and Attention

It’s hard to resist the cuteness of puppies and kittens. But caring for them throughout every life phase brings many responsibilities, and if you’re a busy person, they can quickly add up.

For example, if you’re getting a puppy, you must account for house training, obedience training, walking, feeding and giving the puppy attention. When they get older, you’ll still need to walk them, play with them, feed them and make sure they’re properly groomed and cared for. For some people, this means taking time off work to establish a routine for the pet, hiring a trainer to help or making other accommodations.

Be sure to consider the financial ramifications of what it takes to properly train and care for an animal, and keep in mind that it can take some time for a new pet to acclimate to your home and family. If you don’t have spare time or resources, owning a pet may not be right for you right now.

3. Pets Need Space — Some More Than Others

Think about the pet you want to get and consider where you live and how much space you have. Is it a fit? While small pets like cats, fish or a guinea pig can be happy in any type of dwelling, certain dog breeds do better in certain types of homes. Big, high-energy dogs may do better in an environment with a yard, while low-energy dogs may love an apartment.

If you live in a condo, high-rise building or apartment, first make sure that your building accepts pets. If you're a new dog owner, research nearby dog parks or trails where you can walk your dog, so you know what’s available around you. Even the smaller, indoor animals need a spot of their own within your home, which means you’ll be on the hook for crates, tanks, litter boxes and more.

Even if you live in a rental property that allows for pets, be sure that there aren’t dog breed restrictions. Some rental properties have limitations on pet weight and the number of pets allowed in a unit, and rentals often charge a monthly pet rent plus an additional deposit to cover any damage caused. Keep in mind, too, that if you plan on moving with your pet, it can be difficult to find pet-friendly rentals in some markets.

4. Not Every Pet Will Be a Fit for Your Family

When you’re visiting a breeder or an adoption center, ask if you’re able to schedule a home visit with the pet. A home visit can be beneficial for not only the potential pet owner, but for the pet as well. Home visits can be especially beneficial if there are children in the home: They give you and the pet a chance to observe one another and decide if it’s a fit.

Many animal rescues offer “pet for a day” programs that allow potential pet owners to spend a day with a pet. This is a great way to see if the animal will easily blend in with your family. It will also potentially save you a lot of money, hassle and heartache in case the animal isn’t a good fit, due to allergies, aggression or other issues. 

5. Some Pets May Not Be Eligible for Insurance Coverage

Whether you’re looking at buying a pet from a breeder or adopting from your local animal rescue shelter, the breed of your dog may affect your homeowner’s liability insurance. The average cost of an insurance claim filed due to a dog bite is nearly $50,000! So even if your dog has no bite history or isn’t considered a banned breed, you should still carry enough liability coverage to cover the risk. 

Make Sure You and Your Pet Are Covered

When you bring home a new pet, your family starts a new adventure. Make sure you’re prepared by ensuring you have the right coverage. Reach out to your local Farm Bureau agent to learn more about how a new pet can affect your insurance.