The Cost of Owning a Pet in 2022 – Bankrate.com

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Recent pet ownership statistics show that one in five U.S. households invited a new cat or dog into their home during the COVID-19 pandemic. Around 23 million people added a furry family member during this time and most have full intention of continuing to care for the pet. But being a pet owner involves more than just determining where to find the right pet and choosing a companion. It also involves making decisions surrounding finances, insurance and pet care.

Pet ownership statistics show ownership levels have reached new highs during the past couple of years. A 2021-2022 survey conducted by the American Pet Products Association (APPA) found that 70% of households own a pet. Among the 70%, there are 69 million U.S. households that own a dog compared to 45.3 million households that own a cat.

When a household decides to add a new pet to the family, there is often a question of whether it’s better to rescue from another home or shelter, or purchase from a breeder. Each pet deserves a loving home, so it’s important to weigh the pros and cons of each scenario before deciding.

The table below illustrates estimated cost breakdowns of fees due at the time of adoption. While these are based on shelter animals, many of these costs are comparable to purchasing through a breeder. Keep in mind some of the costs are also recurring expenses, such as heartworm and flea medicine, which may need to be purchased on a regular basis.
The costs below are estimates. Pet adoption prices vary by shelter, age, breed and size of the pet, according to Petfinder. Generally speaking, you can expect to pay around $425-$880 for pet adoption costs.
Purchasing from a breeder can add an even more substantial amount to the cost and fees, depending on the popularity of the breed. For example, French bulldogs cost up to $4,000 on average, while golden retrievers average up to $3,000. Each breeder sets their own costs, which may or may not include fees like spaying or neutering. Be sure to check what costs are included upfront so you know which petcare measures have been taken by the breeder and which ones you might need to handle on your own.
Exotic dog breeds tend to be even more costly due to their rareness and pricey medical expenses. Rare breeds like a Samoyed, for example, could have up to a $14,000 price tag according to estimates from Prudent Pet Insurance.
Costs related to pet adoption or purchase may seem a bit overwhelming initially, but the expenses are typically only higher in the first year of pet ownership. A pet’s weight and size are two influencing factors, as larger dogs and cats require higher food quantities and medicine dosages.
Petfinder has compiled a list of average common costs to consider when planning to add a new dog or cat to your home.

As the number of pet owners rises, so does interest in pet insurance. Insuring a pet can fall into two different categories: pet insurance and/or property insurance, such as a homeowners insurance policy. Pet insurance is a separate policy that covers a pet’s medical expenses. With homeowners insurance, coverage exists for pet liability like a dog bite that occurs on your property.
In addition to having adequate homeowners or renters insurance, you may want to consider adding pet insurance. Like regular health insurance, pet insurance is designed to cover medical bills for needs ranging from ingesting poison to treating lacerations. While pet insurance is optional, having it may prevent you from covering surprise veterinary bills out of pocket and could be especially useful for accident-prone or special needs pets. Some breeds have a history of expensive medical conditions, such as English bulldogs, which often have eye problems.
Comparing multiple pet insurance policies can help you find both the right price and right fit. Animal breed, age, weight and pre-existing conditions will all influence what type of policy is best for you and your pet.
Key pet insurance statistics:
Pet insurance is geared towards medical bills for your pet, while a homeowners or renters insurance policy covers medical costs associated with pet bites. Although homeowners insurance policies do not cover property damage caused by your pet (such as from teething or scratching), it does cover medical expenses if someone has to be treated as a result of a bite or scratch from your pet. Before you bring home a new pet, it’s good to review the liability limits of your homeowners or renters insurance policy in case someone else is injured by your pet while visiting your home.
Inviting a new pet into your home is a great way to add excitement and happiness to your atmosphere. However, doing so requires a financial commitment, including first-year costs and ongoing recurring expenses. In addition to adoption or breeder cost considerations, you also need to factor in medical care and food expenses. With the financial responsibility of owning a pet, looking into additional coverage can be beneficial, such as adding pet insurance to your homeowners or renters insurance policy. Properly planning for a pet ahead of time can help ensure both your and your pet’s needs are being met.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
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