As inflation continues to impact the U.S. economy, pet owners are facing significant financial challenges, leading to increased debt and overcrowded animal shelters. The escalating prices of pet products and veterinary care have made it increasingly difficult for many Americans to afford the costs associated with pet ownership.
Reports indicate that the lifetime cost of owning a dog can reach $35,000, while a cat may cost $32,000 over its lifespan. Additionally, surveys show that 22% of pet owners carry at least $2,000 in pet-related debt, and 58% have cut back on dining out to meet their pets' needs. These financial strains have contributed to approximately 5.8 million animals entering shelters last year, despite a slight decline in annual intake.
The rising costs are attributed to several factors, including increased prices for pet food, grooming services, and veterinary care. For instance, the price for services like veterinary care and grooming in 2025 are 42% higher compared to 2019, while pet food and treats have risen by 22%.
In response to these challenges, pet insurance has been suggested as a potential solution to manage veterinary costs. While insurance policies often exclude initial medical procedures and preexisting conditions, they can help cover part of medical expenses for a monthly premium. Financial experts recommend pet insurance to prevent euthanasia in cases of unaffordable treatments and support owners during costly health emergencies.
The financial burden of pet ownership has also led to increased debt among pet owners. A survey from MetLife Pet Insurance found that 22% of pet owners have at least $2,000 in pet-related debt. To meet their pets' needs, 58% of pet owners have cut back on dining out.
As the cost of pet ownership continues to rise, it is essential for pet owners to explore financial planning strategies and consider options like pet insurance to ensure they can provide the necessary care for their animals without compromising their financial stability.
