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Olivia Sablan is willing to do anything for her 3-year-old golden retriever, Lemon, including cutting other parts of her budget if necessary.
“She’s my whole world,” said Sablan, 27, a postdoctoral researcher in atmospheric science in Seattle. Sablan rescued and adopted Lemon when the puppy was 10 months old.
But pets aren’t cheap.
A new analysis from the Bank of America Research Institute finds that pet ownership is becoming increasingly expensive. The Bank of America Research Institute said pet adoption rates and pet ownership rates are retreating as costs, including veterinary care, rise, and affordability may be playing a larger role among animal lovers.
Pet ownership in the US remains strong
The U.S. pet market is still growing steadily, although at a slower pace, with 95 million households (or about 71% of Americans) owning a pet. Spending on pets will reach $158 billion in 2025, according to the American Pet Products Association’s National Pet Owner Survey cited in the Bank of America analysis.
According to a study by CivicScience, dog ownership is higher than other pets at 68%. Cats were the second most popular pet at 46%, with fish, birds and small mammals less common.
“Pet ownership is strong, but like many other aspects of people’s budgets, the cost of caring for pets is rising,” Bank of America Research Institute economist Taylor Bowley told USA TODAY.
Bowley said price constraints are increasingly determining whether consumers add pets to their families and how they purchase them.
A Bank of America global study found that pet adoptions will slow in the first half of 2025, with dog adoptions declining slightly year-over-year and cat adoptions remaining stable. The percentage of households with pets has declined over the past two years, with a sharp decline of about 0.7% among low-income households from 2025 to 2026, according to Bank of America data.
Pets become more expensive
Spending on pet supplies and services is increasing.
According to Bank of America data, spending at pet stores rose 1% in April compared to the same month last year, but the biggest growth for pets was in veterinary care.
Consumer spending on veterinary services rose nearly 6% year-over-year, according to the data. Part of that increase is due to the consolidation of veterinary services into private equity firms, which could hurt competition and drive up prices, according to a Bank of America global study.
However, spending on pets varied by income bracket.
According to Bank of America data, spending at pet stores among lower-income millennials decreased by just over 2% in April, compared to a 1% increase among higher-income millennials. Gen X shoppers decreased by about 0.6%, while high-income Gen
“This variation reflects ‘selective spending,’ where households adjust their spending on discretionary categories (such as toys, accessories, and supplies) in response to differences in their budgets,” the report said.
Bowley said Millennials and Gen
Where you live also affects the cost of caring for your pet. The Bank of America Research Institute ranked Seattle at the top of the list using card data on pet store, pet insurance, and veterinary spending across 20 large “core-based statistical areas” (CBSAs) compared to national averages. Seattle’s average monthly spending in the first four months of 2026 was nearly 23% higher than the U.S. monthly average. Portland, Oregon and Portland, Maine came in second and third.
Meanwhile, pet spending in Atlanta, Dallas, and Orlando, Florida remains below the national average, at about 10% less. Differences in spending on pets likely reflect regional differences in the cost of living, Bowley said.
Furry loved ones are worth the sacrifice, owners say
Sablan, who has been documenting her life with Lemon on social media, recently outlined the monthly costs of caring for the pet.
She admits that Lemon’s cost is quite low compared to other services she’s seen, at $118.73 per month. Costs include food, flea and heartworm medication, and pet insurance. She also grooms Lemon herself, increasing her savings.
Sablan, who primarily works from home, said her bill would increase significantly if she had to send Lemon to doggy daycare. Still, Sablan said she believes she and other pet owners will cut other parts of their budgets to keep their furry friends paid.
“People will continue to pay because we love dogs. We’re not going to just cut back on dogs because they start getting more expensive,” she said.
Betty Lin-Fisher is a consumer reporter for USA TODAY. Contact her at blinfisher@USATODAY.com or follow her at @blinfisher on X, Facebook and Instagram and @blinfisher.bsky.social on Bluesky.. Sign up for our free The Daily Money newsletter, breaking down complex consumer and financial news. Subscribe here.
