$137 Billion - "Pet ownership in the U.S. has jumped significantly over the past three decades. As of 2023, 66% of U.S. households (86.9 million homes) own a pet.[1] That’s up from 56% in 1988, pet ownership statistics show. From companionship to emotional support, pets are a vital part of their owners’ lives. In fact, 85% of dog owners and 76% of cat owners consider their pets to be a member of the family.[2]

Forbes Advisor conducted a deep dive into the latest available pet owner statistics to determine which pets are most popular, how pet ownership and spending habits differ by generation, the cost of pet ownership and the most common lifestyle sacrifices made by pet owners.

Pet Ownership in the U.S. at a Glance

66% of U.S. households (86.9 million homes) own a pet.[1]
Dogs are the most popular pet in the U.S. (65.1 million U.S. households own a dog), followed by cats (46.5 million households) and freshwater fish (11.1 million households).[1]
Millennials make up the largest percentage of current pet owners (33%), followed by Gen X (25%) and baby boomers (24%). [1]
In 2022, Americans spent $136.8 billion on their pets, up 10.68% from 2021 ($123.6 billion).[1]
Dog owners spend an average of $730 a year on their dogs. [4]
42% of dog owners and 43% of cat owners got their pets from a store, while 38% of dog owners and 40% of cat owners got their pets from an animal shelter or rescue.[2]

Pet Owner Statistics

The percentage of pet owners in the U.S. spiked over the past 35 years, according to pet owner statistics analyzed by Forbes Advisor.

The steady rise in pet ownership in the U.S. comes at a time when pet insurance is also rapidly gaining in popularity. What was once an obscure insurance product has more than doubled in growth from 2018 to 2021. [8]

Pet insurance prevents you from having to pay the full cost of unexpected vet bills if your pet is injured or gets sick. It’s a smart way to add a layer of financial security to your budget. Here are more interesting facts related to pet ownership:

Pet ownership by generation

Pet ownership statistics reveal that millennials comprise the highest percentage of pet owners in the U.S, among the generations:

Millennials make up the largest percentage of current pet owners (33%), followed by Gen X (25%) and baby boomers (24%).
Gen Z pet owners (ages 18 to 25) are far more likely than other age groups to have a variety of pets.
Gen X pet owners (ages 42 to 57) are the least likely to own pets that aren’t cats and dogs, such as hamsters, birds and fish.

Most Popular Pets in the U.S.

The most common pets in the U.S. are dogs and cats, but there’s still a lot of love for other animals and species. Millions of households include fish, birds and small animals like hamsters and rabbits.

The most popular pets in the U.S. are [1]:

Dogs (65.1 million households)
Cats (46.5 million households)
Freshwater fish (11.1 million households)
Small animals such as hamsters, gerbils, rabbits, guinea pigs, chinchillas, mice and ferrets (6.7 million households)Are cats or dogs more popular?

Whether cats or dogs make better companions has long been a bone of contention among many pet parents. Popularity certainly has nothing to do with how much a pet is loved by its human family. But in terms of ownership, more households include dogs than cats.

Dogs are more popular than cats in the U.S. As of 2022, 44.5% of U.S. households own dogs, and 29% of households own cats.[2]
Between 2016 and 2022, the percentage of U.S. households who own dogs increased by 6.1 percentage points, from 38.4% to 44.5%, while the percentage of households that own cats increased by 4 percentage points, from 25% to 29%.[2]
The population of pet dogs was estimated to be between 83.7 million and 88.9 million in 2020, while the population of pet cats was estimated to be between 60.2 million and 61.9 million.[2]

Cost of Pet Ownership

While the love of a pet is priceless, the cost of owning one is not. Veterinary care, grooming, food, treats and other outlays can add up quickly. For example, a Forbes Advisor survey of more than 5,000 U.S. dog owners found that 41% of dog owners spend between $500 and $1,999 a year on their dogs and 8% spend more than $2,000. [4] And if an unexpected vet bill pops up for a major incident, you can be on the hook for thousands of dollars just for that—42% of pet owners say they can’t cover a surprise vet bill of $999 or less.[6]

Pet insurance can partially reimburse you when you pay the bill for your pet’s unexpected accidents and illnesses. While you may not want to add another expense to your pet care costs, you might be surprised at how affordable pet insurance can be.

The average pet insurance cost for dogs is $44 a month, and the average pet insurance cost for cats is $30 a month, based on Forbes Advisor’s analysis. Having pet insurance is like putting a leash on your potential vet costs so they don’t run out of control. That can leave you with more money to spend on spoiling your furry companion.

Here’s a closer look at the cost of pet ownership:

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Total Pet Industry Expenditures

Spending on pets is up, mirroring increases in pet ownership and pet insurance sales:

Americans spent $136.8 billion on their pets in 2022, up 10.68% from 2021 ($123.6 billion).[1]
This includes $58.1 billion spent on pet food and treats,$31.5 billion spent on supplies, live animals and over-the-counter medications,$35.9 billion spent on vet care and $11.4 billion spent on other services (all services outside of veterinary care such as boarding, grooming, pet insurance and training).[1]
Between 2018 and 2022, the amount spent on pets in the U.S. increased by 51.16% from $90.5 billion to $136.8 billion.[1]

Dog Owner Regrets

There’s no denying the benefits of dog ownership, but being responsible for a dog comes with challenges. These obligations can cause some to have regrets about owning a dog, a Forbes Advisor survey of 2,000 dog owners found. Messes, challenges in finding care for the dog and dog training are among the top reasons they regret getting a dog. The cost of vet bills is also a burden for some dog owners and can affect how often dogs go to the vet.

Here’s more about dog owner regrets and concerns about vet bills:

54% of dog owners have regrets about getting a dog.[5]
Dog owners cited cleaning up after a dog as the biggest challenge associated with dog ownership (27%), followed by finding care for the dog when traveling or going to work (26%), training the dog (25%), cost (24%) and barking or whining (24%).[5]
A vet bill of $999 or less would cause 42% of pet owners to go into debt, while a vet bill of $499 or less would cause 28% of pet owners to go into debt.[6]
3% of pet owners gave their pet away between 2021 and 2022.[6] The top reasons cited for selling or giving a pet away were inflation (12%), the rising cost of rent (10%), inability to afford a pet’s medical bills (7%) and the cost of pet deposits for apartments (5%).[6]

Top Sacrifices Made by Dog Owners

The majority of dog owners (85%) and cat owners (76%) consider their pets to be members of the family.[2] And a Forbes Advisor survey of 10,000 dog owners found that dog owners make professional, financial and lifestyle sacrifices for their canine companions. [7]

The top lifestyle sacrifices made by dog owners include:

39.29% lived on a tighter budget to afford their dogs’ expenses.
13.96% moved from an apartment to a house so their dog would have a yard.
7.47% stayed at a job they disliked because it allowed them to work remotely or had a dog-friendly office.
6.78% broke up with a significant other who didn’t like their dog.
5.25% took a pay cut or accepted a position with fewer benefits to work remotely or have access to a dog-friendly office.
4.57% left a job they liked because another company let them work from home or had a dog-friendly office.
36% of dog owners reported that they would spend $4,000 or more out-of-pocket on life-saving medical care for their dogs.

States with the most devoted dog owners

Colorado tops the list of states with the most devoted dog owners, followed by Virginia, Georgia, Alaska and Nevada.[7] These aren’t the only states home to devoted dog owners:

Five of the top 10 states with the most devoted dog owners are located in the Pacific and West, including Colorado, Alaska, Nevada, Washington and Oregon.[7]
Ohio dog owners were most likely to report living on a tighter budget to afford their dogs’ expenses (51%), followed by Wisconsin (44.5%) and Montana dog owners (44%).[7]
Nevada dog owners were most likely to report that they moved from an apartment to a house so their dogs would have a yard (20%), followed by Colorado (19.5%) and Kansas dog owners (19%).[7]
Nevada dog owners were most likely to leave a job they liked because another company let them work from home or had a dog-friendly office (8.5%).[7]
Dog owners from Rhode Island were most likely to stay at a job they disliked because it allowed them to work remotely or had a dog-friendly office (15.5%).[7]

Most Pet-Friendly Cities

Features like hardwood floors, stainless steel appliances and skyline views are nice, but that’s not the top priority for many pet owners. More than two-thirds of Americans would pass on the perfect home if it wasn’t a good fit for their pets, according to a Forbes Advisor study.

If you’re a pet owner on the hunt for pet-friendly apartments with access to nearby dog parks, pet stores and affordable veterinary costs, we compared the 91 most populated cities to find the best cities for pet owners. We analyzed data across four key categories: cat and dog veterinary costs, veterinary access and pet-friendly spaces.

Pet Insurance Statistics

Among dog owners who do not have pet insurance and are unlikely to buy pet insurance in the next three months, 42% said the primary reason is because they think it’s too expensive, according to a Forbes Advisor survey.

What’s the Primary Reason Why You Are Unlikely to Buy Pet Insurance in the Next Three Months?

Reason dog owners without pet insurance are unlikely to buy it in the next 3 months% of respondentsIt’s too expensive42%I don’t think I’ll need it24%I don’t think it’s worth it21%I don’t understand the product5%I don’t know who sells it4%

Yet 89% of dog owners estimate that the cost of pet insurance is higher than it actually is. Only 11% of dog owners correctly estimated an average cost below $50 a month. And 76% of dog owners overestimate the cost of pet insurance by at least three times the average price, our survey has found.

How Much Would You Estimate Pet Insurance Costs per Month for a 3-Month Old Puppy, for $5,000 of Annual Coverage?

Estimate of monthly pet insurance cost Actual average cost is $25 a month% of dog ownersLess than $5011%$50 - $9913%$100 - $14928%$150 - $19923%$200 - $24912%$250 - $3004%More than $3009%

Pet insurance plans typically have a choice of maximum annual coverage amounts, such as $5,000, but some plans offer unlimited annual coverage. This financial safety net can help dog owners reduce the potential cost of a dog.

Fears of Big Veterinarian Bills

Half (50%) of dog owners say they are very concerned or somewhat concerned about their ability to pay for an unexpected vet bill in the next three months.

How Concerned Are You About Your Ability To Pay for an Unexpected Veterinary Bill in the Next Three Months?

Level of concern% of respondentsVery concerned19%Somewhat concerned31%Neither concerned nor unconcerned23%Somewhat unconcerned13%Very unconcerned13%Prefer not to say1%

Pet insurance is a good way to help offset expensive vet bills for problems like ACL ruptures, broken bones, cancer, heart disease, swallowed objects and common illnesses, such as ear infections and digestive issues.

Majority Say Vet Bill of $2,000 or Less Is “Unaffordable”

An unexpected accident or illness such as a dog’s broken bone, cancer, torn knee ligament or toxic ingestion can cost thousands of dollars in vet bills, according to a Forbes Advisor analysis of the cost of vet visits. Most dog owners (77%) consider various amounts of vet bills of $2,000 or below to be “unaffordable.”

Dog owners without pet insurance are vulnerable to the prospect of racking up debt to pay a surprise vet bill.

How Much Money Would an Unexpected Vet Bill Cost for You To Consider It “Unaffordable”?

Vet bill amount% of respondents$1 to $25010% $251 to $50020%$501 to $1,00023%$1,001 to $1,50017%$1,501 to $2,0007%$2,001 to $3,0007%$3,001+14% Prefer not to say3%

Vet-Related Expenses Among Cuts for Dog Owners on a Tight Budget

Dog owners on a tight budget may have to face some tough financial decisions when it comes to their pups. While 50% of dog owners say they’d cut spending on items such as dog treats, outfits and toys, some dog owners say they’d cut veterinary-related expenses to save money.

Nearly one-third (30%) of dog owners say they would not pay for surgery for their dogs (elective or emergency) and 20% say they would reduce veterinary checkups.

Which Dog-Related Expenses Would You Cut if Your Budget Were Tight? (Select up to Three)

Dog-related expenses% of respondentsAccessories (i.e. dog treats, toys, outfits, etc.)50%Dog services (walking, training, grooming, day care, boarding, etc.) 39%Elective surgery26% Specialty dog food24% Veterinary checkup (non-sick visit)20% Vaccination5% Emergency surgery4% Medication3% N/A - I expect to always afford expenses related to my dog24%

Pet insurance can help cover costs such as surgeries and medication. In addition, you can typically add a wellness plan to cover the cost of routine vet checkups and vaccinations.

Many Dog Owners Unlikely To Buy Pet Insurance in the Next Three Months

Despite fears of big vet bills, 56% of dog owners say they are unlikely to buy pet insurance in the next three months.

How Likely or Unlikely Are You To Buy a New Pet Insurance Policy in the Next Three Months?

Likelihood to buy pet insurance% of respondentsVery likely5%Somewhat likely15%Neither likely nor unlikely25%Somewhat unlikely14%Very unlikely42%I already have pet insurance0%

Nearly two-thirds (63%) of pet owners said they would have difficulty paying a surprise vet bill amid inflation, according to a Forbes Advisor survey on pet costs and inflation. More than a quarter of pet owners (28%) said a vet bill of $499 or less would cause them to go into debt, while a bill of $999 or less would cause 42% to go into debt.

Even with so many pet owners concerned that a hefty vet bill would wreak financial havoc, more than three-quarters (79%) of pet owners said they do not have pet insurance, according to a Forbes Advisor survey. Many pet owners are unlikely to purchase pet insurance amid inflation:

Nearly one-third (30%) of survey respondents said they are much less likely or somewhat less likely to buy pet insurance amid inflation.
And 22% said they were much more likely or somewhat more likely to buy pet insurance amid inflation.

Which of the following vet bill amounts would cause you to go into debt?

Vet bill amount% of respondents$1-$995%$100-$1996%$200-$2997%$300-$49910% $500-$99914%$1,000-$4,99924%$5,000+18% None of the above12%Prefer not to say5%"

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