Rover.com has released the True Cost of Pet Parenthood Report for dogs and cats. Backed by data and insights from real pet parents, the report aims to inform current and prospective pet parents about the financial responsibilities and potential costs associated with caring for cat and dog family members. The costs of owning a pet can be daunting for first time pet owners.
According to the report, annual costs for dog essentials can range from $1,000 to $5,225 a year with a median monthly cost of $260, an increase of $100 on average from 2023. The increase can likely be attributed to the rising prices of pet food, with some dog food brands costing up to 80% more than last year while cat food can cost up to 130% more. The majority (61%) of pet parents report continued increases in pet-related costs over the last 12 months, though this is down from 84% when asked the same question in March 2023.
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“Stubborn inflationary cost pressures have added to the sticker shock of a new pet in 2024, but maybe paradoxically the bonds that people share with their dogs and cats have never been stronger,” said Kate Jaffe, Trend Expert at Rover. “While dogs and cats are eating up a larger share of disposable income, that’s largely because pet parents view them as an invaluable, beloved part of the nuclear family. Spending on pets is now seen as less discretionary and more necessary.”
Key findings
The True Cost of Pet Parenthood Report includes unique data from 1,000 pet parents across the U.S. Key findings from the report include:
Inflationary cost pressures continue as pet inflation outpaces other categories:
- Pet inflation outpacing other categories: 58% of pet parents say the cost of pet specific goods and services has increased more than the cost of other frequently purchased items, like groceries and personal care items.
- Inflationary cost pressures: Dog parents report being most financially impacted by increasing costs of pet food (63%), treats and toys (48%), and vet visits (47%). Other inflationary cost pressures include pet supplements and medications (36%), grooming (36%) and accessories.
- Financial worries: Pet parents report being most worried about paying for vet visits. In terms of financial stressors, pet food comes in second place, followed by supplements and medications, treats and toys, grooming and accessories.
Pet spending is now considered a necessary part of the family budget:
- Cut costs, but not on my pet: 30% of pet parents have reduced spending in other areas of their life to make sure they can afford the items and services their pet needs.
- Insurance is well worth it: 45% of dog parents have pet insurance and of them 93% agree it’s worth the added cost. When it comes to cats, 36% have pet insurance, of them 92% agree it’s worth it.
- Financial support: One in ten (10%) dog parents have sought help from a pet shelter or other organization to provide for their pet.
- Pets are a bargain: 8% of pet parents with dogs delayed having children, or decided not to have them at all and got a pet instead, due to the lower total cost.
Pets are priceless as life extending pet meds are in demand, despite added costs:
- A real life-saver: Two thirds (66%) of pet parents would consider life extending medications for their pets, despite the potential added costs.
- Time is priceless: 29% of pet parents are willing to pay any amount if it means their pet would live an extra year.
The best and worst places to have a pet
Pet-related costs can vary depending on location, with some cities being more affordable for pet parents while others may cost them more.
The top 10 most affordable cities for pet parents are:
- El Paso, TX, Lexington, KY, Oklahoma City, OK, Virginia Beach, VA, Dayton, OH, Columbia, SC, Knoxville, TN, Kansas City, MO, Greenville, SC and San Antonio, TX.
The 10 least affordable cities for pet parents are:
- Santa Monica CA, San Francisco, CA, Oakland, CA, Bellevue, WA, San Jose, CA, Pasadena, CA, Seattle, WA, New York, NY, Kirkland, WA and Los Angeles, CA.
Rover services, including boarding, sitting, walking, doggy day care and drop-in visits are an affordable alternative to traditional kennels, while also providing pets with a more stress free environment. To search for loving pet care in your neighborhood, visit rover.com.
For the full report on the True Cost of Pet Parenthood in 2024, including the full list of most and least expensive cities, please visit here for dogs and here for cats. The True Cost of Pet Parenthood in 2024 report was developed by Rover in March 2024.
