In 2022, how much will it cost to own a pet?

According to recent pet ownership data, one out of every five homes in the United States welcomed a new cat or dog into their home during the COVID-19 pandemic. Approximately 23 million people added a furry family member during this time, with the majority intending to keep the pet. Being a pet owner, however, entails more than just deciding where to look for the ideal pet and selecting a companion. It also include making financial, insurance, and pet-care decisions.

Statistics on pet ownership
Statistics on pet ownership reveal that ownership levels have risen to new highs in recent years. According to the American Pet Products Association (APPA), 70 percent of households own a pet in 2021-2022. There are 69 million dog-owning households in the United States, compared to 45.3 million cat-owning households.

Consider the following data on pet ownership:

• The number of people who keep pets is continuing to rise. In 1988, 56 percent of homes had a pet, compared to 70 percent now.
• Expenses for pet items, services, and care increased to more than $103 billion in 2020, up from $97 billion in 2019.
• Approximately 30% of Americans adopted at least one pet during the outbreak.
• In 2020, gross written cat insurance premiums are expected to reach over $2 billion, up from $1.6 billion in 2019.
• In 2020, 83 percent of pet insurance premiums included coverage for dogs.

Adoption vs. shopping
When a family decides to add a new pet to the family, the question of whether to rescue from another home or shelter or buy from a breeder arises frequently. Each pet needs a loving home, so assess the benefits and drawbacks of each scenario before making a decision.

• Adoption statistics that matter
• Approximately 4.1 million pets are adopted each year, despite the fact that over 3 million pets enter shelters each year. This includes approximately 2.1 million cats and 2 million dogs.
• Approximately 40% of dog owners and 46% of cat owners got their pets through word of mouth, such as family and friends.
• A third of dog owners learned about their pet via a breeder, compared to 23% of dog owners who learned about their pet through a shelter.
• While mixed-breed dogs are the most frequent, purebred dogs account for 25% of canines in shelters.
• Dogs are more likely to be purchased from a breeder when picking a pet, whereas cats are more likely to be adopted.
• Among cats, black cats have the lowest adoption rates.
• Pit bulls and chihuahuas are among the breeds with the lowest adoption rates, and they are frequently euthanized.
• Every year, around 920,000 shelter animals are euthanized, a decrease from 2.6 million in 2011 due to increased adoption rates.
• The most prevalent reasons for pets being rehomed are behavioral and health difficulties.
• One method to lessen the chances of having to rehome a pet is to have a thorough awareness of all the costs connected with being a responsible pet owner before you adopt.

The estimated cost of owning a pet
While these fees are based on animals from shelters, many of them are equivalent to those of buying from a breeder. Keep in mind that some of the charges, such as heartworm and flea medicine, are ongoing expenses that must be paid on a regular basis.

The costs listed here are approximations. According to Petfinder, pet adoption rates vary by shelter, age, breed, and size of the animal. In general, pet adoption charges range between $425 and $880.

Depending on the popularity of the breed, buying from a breeder can add a significant amount to the cost and fees. French bulldogs, for example, can cost up to $4,000 on average, while golden retrievers can cost up to $3,000. Each breeder determines their own prices, which may or may not include spaying and neutering fees. Check what fees are covered up front so you know which petcare steps the breeder has taken and which ones you'll have to address on your own.

Due to their rarity and high medical costs, exotic dog breeds are even more expensive. According to Prudent Pet Insurance estimates, rare breeds like the Samoyed can cost up to $14,000.

Pet expenses that come up on a regular basis
The costs of pet adoption or purchase may appear daunting at first, but they are typically only greater in the first year of pet ownership. The weight and size of a pet are two determining criteria, as larger dogs and cats require more food and treatment.

When thinking about getting a new dog or cat, Petfinder has created a list of typical expenditures to consider.

Insuring your pet and your belongings
Pet insurance is becoming more popular as the number of pet owners grows. Pet insurance and/or property insurance, such as a homeowners insurance policy, are the two types of pet insurance available. A separate policy that covers a pet's medical expenditures is known as pet insurance. Pet liability, such as a dog bite that occurs on your property, is covered by homeowners insurance.

Insurance for pets
You should think about getting pet insurance in addition to obtaining proper homeowners or renters insurance. Pet insurance, like normal health insurance, is designed to cover medical expenses for everything from ingesting poison to treating lacerations. While pet insurance isn't required, it can help you avoid paying unexpected veterinary expenditures. It's especially valuable for pets who are prone to accidents or have unique needs. Some breeds, such as English bulldogs, have a history of costly medical issues, including as eye difficulties.

Comparing several pet insurance policies will help you get the best price and coverage for your pet. The type of coverage that is ideal for you and your pet is influenced by the animal's breed, age, weight, and pre-existing conditions.

Statistics on pet insurance:

• The average annual pet insurance premium for dogs is $594 and $342 for cats.
• The North American Pet Health Insurance Association (NAPHIA) represents pet health experts and insurance firms that account for 99 percent of all active pet insurance plans in the United States and Canada.
• According to NAPHIA, about 3.45 million pets will be insured in North America by the end of 2020.
• Insurance for homeowners
• Pet insurance is designed to cover your pet's medical bills, whereas a homes or renters insurance coverage will cover medical costs resulting from pet bites. While homeowners insurance policies do not cover property damage caused by your pet (such as teething or scratching), they do cover medical expenses if someone is injured as a consequence of a bite or scratch from your pet. Before you bring a new pet home, check your homeowners or renters insurance policy's liability limits in case your pet injures someone else while visiting your home.

According to the American Society of Plastic Surgeons, nearly 47,000 procedures for dog bite repair will be performed by plastic surgeons in 2020.

• According to the American Veterinary Medical Association, children are the most common victims of dog bites.
• One out of every five persons who are bitten by a dog will need medical assistance.
• Bringing a new pet into your home is a wonderful way to add excitement and joy to your life. However, doing so necessitates a financial investment, which includes one-time charges as well as continual recurring expenses. You must also consider medical care and food costs in addition to adoption or breeder costs. With the financial responsibilities of owning a pet, additional coverage, such as pet insurance added to your homeowners or renters insurance policy, might be useful. Planning ahead of time for a pet can help ensure that both your and your pet's needs are satisfied.

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