Pet Ownership Trends in the U.S.: A Growing Phenomenon
Pet ownership in the United States has shown a remarkable increase over the past three decades. As of 2024, a significant 66% of U.S. households (86.9 million) include a pet, a notable rise from the 56% recorded in 1988. This widespread trend reflects the deep bond between humans and animals, with pets increasingly viewed as integral family members.
In a recent deep dive into the latest pet owner statistics, Forbes Advisor examined a wide range of aspects, including pet popularity, generational differences in ownership habits, the financial implications of pet ownership, and the sacrifices owners make for their companions.
Key Statistics at a Glance:
- Prevalence: 66% of U.S. households (86.9 million homes) own a pet.
- Most Popular Pets: Dogs lead the pack with 65.1 million households, followed by cats (46.5 million) and freshwater fish (11.1 million).
- Generational Breakdown: Millennials represent the largest segment of pet owners at 33%, followed by Gen X (25%) and Baby Boomers (24%).
- Pet Industry Spending: Americans spent a staggering $136.8 billion on their pets in 2022, an increase of nearly 11% from 2021 ($123.6 billion).
- Dog Ownership Costs: Essential dog expenses average $1,533 annually.
The Rise of Pet Ownership
The surge in pet ownership over the last three decades has been accompanied by a rise in pet insurance popularity. Nowadays, more than 4.8 million pets are insured, a 124.9% increase since 2018. This growth highlights owners’ commitment to their pets’ well-being and financial security as pet insurance can reduce the impact of unexpected veterinary costs.
Here are some additional interesting facts regarding pet ownership:
- In 1988, just 56% of U.S. homes had pets, showing a significant rise in ownership.
- A majority of pet owners (51%) consider their pets to be as integral a part of their family as a human family member.
- 78% of those surveyed acquired pets during the pandemic, highlighting the desire for companionship during that period.
- Households with annual incomes exceeding $100,000 are more likely to own pets: Specifically,. 63% own dogs and 40% have cats.
- Homeowners are more likely to own pets than renters, with 58% of homeowners having a dog and 36% a cat versus 39% and 29% of renters, respectively.
- Americans in rural areas are more likely to own pets, with 71% reporting pet ownership.
- Rural residents also tend to have multiple pets (47%) compared to suburban (32%) and urban (26%) areas.
- Almost half of dog and cat owners got their pets from a store, while a considerable number obtained theirs from shelters or rescue organizations.
- A smaller percentage of dog owners (about 23%) get their pets from breeders compared to only 7% of cat owners.
- Over a third of Americans (35%) have multiple pets.
Pet Ownership Across Generations
Millennials lead in pet ownership, followed by GenX, with some interesting trends emerging across different age groups:
- Millennials (ages 26-41) continue to be leading pet owners (33%).
- Gen Z pet owners (ages 18-25) stand out for their diverse pet choices.
- Gen X pet owners (ages 42-57) are least likely to own pets that aren’t cats and dogs (e.g., hamsters, birds, fish).
The Most Popular Pets
While dogs and cats are the most common pets, there’s still a great love for various other species. Millions of American households include fish, birds, and small animals as family members. Here’s a list of the most popular pets:
- Dogs (65.1 million households)
- Cats (46.5 million households)
- Freshwater fish (11.1 million households)
- Small animals (6.7 million households) such as hamsters, gerbils, rabbits, guinea pigs, etc.
- Birds (6.1 million households)
Cats vs. Dogs: A Question of Preference
The debate over whether cats or dogs make better companions continues to be a favorite subject among pet parents. While popularity doesn’t dictate how loved a pet is, more households include dogs than cats. As of 2022, dogs were owned by 44.5% of households while cats were owned by 29%.
The Financial Implications
The love of a companion animal is priceless, but pet ownership carries significant financial responsibilities. The cost involves food, grooming, veterinary care, and other expenses.
- A Forbes Advisor analysis found that essential dog expenses cost an average of $1,533 annually.
- This includes boarding for an average vacation ($253), vet costs ($679.50), and pet insurance ($601.01).
- Dog owners who use doggy daycare twice a week can expect to spend around $2,980 more a year.
- Unexpected veterinary bills can be a serious financial burden, with 42% of owners reporting they cannot cover a surprise bill of $999 or less without debt.
- The average monthly cost of pet insurance is $44 for dogs and $30 for cats.
Cost Breakdown:
- Dog owners often spend the most on veterinary care ($367 annually), food ($339 annually) and grooming ($99 annually).
- Cat owners typically spend more on food ($310 annually), veterinary care ($253 annually), and toys ($50 annually).
- Gen Z pet owners are most inclined to spend more on spoiling their pets (e.g., birthday gifts, clothing, and training).
The Most Expensive Cities for Dog Owners
A Forbes Advisor analysis found that certain cities present higher costs for dog owners:
- Winston-Salem, North Carolina tops the list as the most expensive city for dog owners.
- Other expensive cities include Greensboro, NC; Bakersfield, California; El Paso, Texas; and Memphis, Tennessee.
Pet Industry Expenditures
Spending on pets has also increased, mirroring the growth in pet ownership and pet insurance sales. In 2022, Americans spent a total of $136.8 billion on their pets.
- This included $58.1 billion on pet food and treats, $31.5 billion on supplies, live animals, and over-the-counter medications, $35.9 billion on vet care, and $11.4 billion on services like boarding, grooming, and training.
- From 2018 to 2022, the amount spent on pets surged by 51.16%, from $90.5 billion to $136.8 billion.
Dog Owner Regrets and Sacrifices
While rewarding, dog ownership also involves significant sacrifices, as many pet owners have reported:
- 54% of dog owners have regrets after getting a dog.
- Many cited challenges like cleaning, finding care, cost, and training.
- 42% of owners would go into debt with vet bills of $999 or less.
Common Sacrifices
Dog owners often make numerous professional, financial, and lifestyle adjustments for their dogs:
- 39.29% live on a tighter budget.
- 13.96% moved to a house with a yard.
- 7.47% stayed at a job they didn’t like to get work-from-home options or dog-friendly offices.
- Almost all pet owners (97%) consider them part of their family.
State-by-State Devotion
Certain states are known for having highly devoted dog owners, and specific trends, such as leaving jobs, moving to homes with yards, and staying in jobs due to flexibility and pet access, are more prevalent within a state’s boundaries.
Most Pet-Friendly Cities
When choosing a home, 72% of prospective pet owners are willing to forgo a dream home if it doesn’t accommodate their pets. Tucson, Arizona, tops the list of best cities for pet owners, followed by Raleigh, North Carolina; Nashville, Tennessee; Wichita, Kansas; and Cincinnati, Ohio.
Pet Insurance: Understanding the Value
Many dog owners are still uncertain about pet insurance, particularly over concerns of high costs, despite significant vet bill anxieties.
- 42% of dog owners without insurance think it is too expensive.
- 89% overestimate the average cost.
For a 3-month-old puppy, dog owners estimate the cost of insurance significantly higher than the actual average monthly cost, which is around $25 a month. Pet insurance can help reduce potential high vet costs. Some plans offer unlimited annual coverage.
Conclusion
Pet ownership in the U.S. is a growing phenomenon that brings countless benefits to owners. A variety of factors are reshaping the pet care landscape, from increased spending to the evolving preferences of different generations. While pet ownership is rewarding, it also involves financial commitments and lifestyle adjustments. Understanding these trends can help current and prospective owners make informed decisions and ensure they can provide the best care for their beloved companions.
