Do you go into debt to take care of your beloved pet?
How far do you go for your pet’s health and happiness?
- Recent reports show that the lifetime cost of owning a cat or dog exceeds $30,000, which can lead to financial burdens for many owners.
- Many owners have skipped the veterinary care they need for the cost, and most cannot afford to buy more than $1,000 to save lives.
Several recent reports point to plain conclusions. Maybe pets are just for the rich.
One in five pet owners have at least $2,000 pet debt, according to a June survey of 1,000 American pet owners commissioned by MetLife Pet Insurance. One in seven people experience “pet poverty” and struggle to meet their basic needs while caring for their pets.
A recent report from Rover in the Pet Care Market found that the lifetime cost of pet care reached around $32,000 and about $35,000 for dogs.
A 2024 survey by personal financial site LendingTree shows that almost a quarter of pet owners are afraid of being excluded from pet ownership. Two-fifths of owners say their current pet will be their last.
“If you have pets and don’t take costs seriously, you’re hurting yourself and your pet,” said Matt Schultz, chief consumer finance analyst at Lendingtree.
Pets are family, whether expensive or not
Perhaps your pet has never enjoyed a more highly regarded position in an American home. According to an industry report by the American PET Products Association, it includes at least 100 million households, up to 82 million in 2023.
A recent report from Investopedia shows that two Americans consider pets to be components of American dreams.
More than ever, Americans consider pets to be family. In a recent survey by Trust & Will, 62% of respondents said that pets and humans should be treated the same in their real estate planning.
However, pets are becoming more expensive. Rover reports that owning a large dog costs an average of $5,295 a year. Cat emergency room visits can cost up to $1,850.
A recent survey by Petsmart’s charity and Gallup found that more than half of pet owners who refused required veterinary care or denied veterinary care or denied recommended treatment have been skipped.
Most pet parents said they couldn’t afford more than $1,000 to cover life-saving treatments.
“There’s a difficult decision you don’t want to think about. Can I pay to take care of my pet?” Schultz said.
Pet care costs are rising rapidly
Veterinary costs have risen by more than 60% since 2014, the report says.
Of course, prices are rising everywhere. But they are rising faster in some sectors of the pet industry, industry experts say.
Covid-19 sparked the “pandemic pet” boom, with millions of Americans recruiting cats and dogs for dating in quarantine and remote work.
All of these new pet owners needed a veterinarian. However, the nation faces a continuing shortage of veterinary surgeries, driven in part by work pressure, long hours and low wages.
“There are few veterinarians. Many of them have left the industry,” said Dr. Rebecca Greenstein, veterinary advisor at Rover. “There are far fewer veterinary technicians and nurses, so there’s a fundamental power of supply and demand while playing,” he says, pushing prices up.
Veterinary care is more refined, among other areas, including the growing veterinary specialization in anesthesia, emergency medicine, dermatology and internal medicine. Veterinary MRIS and CT scans are more common along with attendant costs.
Is pet insurance worth the cost?
One way to cover these costs is to acquire debt. The other is to buy pet insurance. According to Nerdwallet, more than 6.4 million US dogs and cats were covered in pet insurance in 2024 in 2024.
It’s not cheap. Annual premiums averaged around $749 for dogs and $386 for cats in 2024 for accidents and illness coverage, Nerdwallet reports. Prices for old pets increase dramatically.
Like human insurance, pet insurance generally comes with deductions, coverage restrictions and exclusions.
The horrifying costs of veterinary care provide a strong argument for pet insurance, some experts say, especially when purchasing insurance policies when your pet is relatively young and healthy.
“I think pet insurance is an important part of pet ownership these days, but I wouldn’t have said it five or ten years ago,” Greenstein said.
If you are considering pet insurance, she said, be sure to read the detailed print. The policy doesn’t cover what they’re doing very differently.
When the Consumer Report recently assessed 14 pet insurance providers, no one enjoyed a particularly high overall satisfaction score from policyholders. Their analysis suggests that typical policyholders will even break more or less in the end.
Are some Americans too tied to buying pets?
Given the rising costs of pet ownership, are some Americans too financially tied up to own pets?
“It’s a really rewarding question to answer,” Greenstein said. “I see a lot of people who are in extremely financially unstable positions to have animals in their lives.”
Meanwhile, she said, “I personally believe that what a pet brings to your life is difficult to value.”
Schulz from Lendingtree believes that all pet owners should balance the risks of pet debt and balance those valuable rewards.
“It’s like having kids,” he said. “You know it’s going to be expensive, but it’s possible that you really don’t have a thought until you actually get in.”
How to save money on veterinary care
Here are some money-saving pet tips from Dr. Carolyn Brown, Vice President of Community Medicine at ASPCA.
- Do not skip the annual pet exam. Treatment is more expensive than preventing illness.
- Learn about the difference between optional and essential vaccines. Never skip the required ones.
- Castration or castration of your pet. This procedure saves money by preventing serious health issues.
- Start a dental routine to keep your pet’s teeth and gums healthy. Dental disease can lead to heart and kidney problems.
- Protects against fleas and mites.
