As young adults begin their journey into independent living, many are eager to have a pet for companionship or security. However, many Gen Zers are discovering that the costs of pet ownership are simply too high to sustain.
A LendingTree survey of 1,991 U.S. consumers found that 25% of Gen Z respondents had to surrender a pet because they couldn't afford the expenses. This issue isn't exclusive to young adults—12% of all Americans have had to give up a pet for the same reason.
The rising costs following the pandemic have further strained pet owners, as food and supplies have become more expensive. But inflation is only part of the issue—pets come with many costs that are often overlooked when people decide to adopt one. With around two-thirds of U.S. households having pets, it’s easy for younger people to assume that pets are affordable, but the reality is quite different.
Why Are Pets So Expensive?
- Food and Supplies: Basic pet care, such as food and litter, can add up over time. While these expenses are predictable, some pets require specialized food, which can be costly. Additionally, some pets need special enclosures, lighting, or heaters.
- Vet Bills: Routine check-ups and vaccinations are part of regular vet care, but unexpected health issues can lead to expensive treatments. For example, cats should have their teeth professionally cleaned every year or two, and this requires anesthesia, which can cost hundreds, sometimes over $1,000.
- Grooming: Certain pets require regular grooming, which can be costly, especially for dogs with hair that needs constant care to prevent matting.
- Boarding or Pet Sitting: When you need to travel, you’ll likely have to pay for someone to care for your pet. Whether it’s a friend or a professional boarding service, these costs can add up quickly.
How Much Does It Cost to Own a Pet?
The annual cost of owning a pet can vary. According to Rover.com, it costs between $710–$2,865 to own a cat, and between $1,000–$5,225 to own a dog. These costs can be particularly challenging for people on tight budgets. Having multiple pets only increases the financial burden.
Tips to Afford Pet Ownership
- Treat Pet Ownership as a Major Life Expense: Like buying a car, owning a pet requires ongoing costs, including food, vet care, and supplies. Make sure to factor these into your budget before adopting a pet.
- Consider Pet Insurance: Pet insurance can help cover unexpected vet costs. Monthly premiums typically range from $20–$40 for cats and $35–$120 for dogs, depending on the breed and age. If you prefer the predictability of a monthly premium, this might be a good option.
- Seek Assistance: If you're struggling with pet costs, look for local programs that offer affordable pet services, food, and vet care. The Humane Society and Pethelpfinder.org can connect you with resources in your area.
- Consider Fostering: If adopting a pet isn't financially feasible, consider fostering instead. Fostering provides temporary care for animals in need, and many programs cover the associated costs.
Conclusion
Owning a pet is a significant financial commitment, and it's important to be aware of the full scope of the expenses. There are resources available to help you manage pet care costs, but if finances prevent you from properly caring for your pet, rehoming them is a responsible option. Ultimately, ensuring that your pet has the care they need is the most important thing, even if it means finding them a home that can provide for them better than you can.