This is how much it costs to have a pet in 2024

Many Americans have a pet who they consider to be part of the family. But dog and cat owners don’t always anticipate how much the related expenses will be. 

Between veterinarian appointments, food and other supplies, the cost of having a furry friend can add up, according to a new report from consumer spending site ValuePenguin.

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In fact, the report estimates that American pet households will spend an average of $1,733 on related expenses alone in 2024. The findings are based on data from the American Pet Products Association and the U.S. Bureau of Labor Statistics.

Nearly 2 in 3 U.S. households have at least one pet. About half (49.4%) have a dog and more than a third (35.3%) have a cat, according to the report. 

There are also costs associated with just the first year, including whether a dog or cat was purchased from a breeder or adopted from a shelter, and spaying or neutering.

Here’s what to know about pet expenses:

Average cost of owning a dog

Bringing a dog home is an exciting time for a family, but the first-year expenses can be particularly hefty. 

Depending on the new dog’s breed, size and age, and whether the pet owner purchases from a breeder or adopts from a shelter, these expenses can range from $1,565 to $6,925, according to separate estimates from MarketWatch.

Smaller dogs in good health generally cost less than larger ones, while purebred, purchased dogs are more expensive than mixed breed, adopted dogs. 

From a yearly standpoint, dog owners can expect to spend an average of $1,248 on their four-legged friends in 2024, according to ValuePenguin’s estimate. 

The most money is spent on veterinary care, averaging $387 for these services. After that, dog owners will spend an estimated $349 on food and $349 on products, the report says. 

"Other services" make up about 12% of total dog spending, at an estimated $149.78. 

Average cost of owning a cat

Meanwhile, cat owners are likely to spend slightly less than dog owners. When it comes to first bringing a cat home, families can expect the upfront costs to range from $535 to $2,810, according to Rover, which conducted a survey of 1,000 pet owners in February.

This includes everything from adoption fees to spay or neuter surgery, microchipping, initial vet exams and supplies. 

Annually, those with a feline in their home will shell out an estimated $836 in 2024, according to ValuePenguin’s report. 

Products make up the largest share of these costs, with cat owners expected to spend an average of $326, the report estimates. 

Beyond that, cat owners will spend an estimated $259 on food and $217 at the vet.

Average cost of pet insurance 

Pet insurance costs an average of $720 a year for dogs and $384 for cats, with an overall average monthly cost of around $46 per month, according to research from MarketWatch Guides. 

The estimates are based on prices from 21 national pet insurance providers and more than 17,330 quotes across all 50 U.S. states.

And as American consumers have felt the pinch in their wallets, so too are some pet insurance companies. Last month, Nationwide said it would stop offering pet insurance policies in certain states amid high inflation. 

The company said it planned to withdraw some of its pet insurance offerings in "some states" in a "difficult" move that would cause 100,000 pets to lose their coverage. 

This story was reported from Cincinnati.