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Pets play a very important role in their owners’ lives. Whether it’s providing companionship, increasing our opportunities to socialize, or keeping us physically and mentally healthy, our pets are always there when we need them the most.
So, it’s no surprise that pet ownership in the country has jumped over the past three decades. According to Forbes Advisor, 66% of US households or 86.9 million homes own a pet, which is up from 56% in 1988.
Forbes Advisor reveals, “more than half of these pet owners (51%) consider their pets to be as much a part of their family as a human family member.”
And interestingly, 78% of the pet owners that Forbes Advisor surveyed said that they got their pet during the COVID-19 pandemic.
Furthermore, according to pet owner statistics analyzed by Forbes Advisor, dogs are the most popular pet in the country, with 65.1 million households owning a dog.
Meanwhile, cats are the second most popular pet in the US, with 46.5 million households owning a cat.
Thanks to the steady rise in pet ownership in the country, pet insurance is also increasingly becoming popular.
As a matter of fact, statistics show that more than 4.8 million pets have been insured as of 2022, which is a 124.9% jump from 2018.
Interestingly, millennials (33%) comprise the highest percentage of pet owners. And they are then followed by Gen X (25%) and baby boomers (24%).
And when it comes to getting a variety of pets other than dogs and cats, statistics reveal that Gen Z pet owners are more likely to do this than other age groups.
While having a pet is fulfilling, unfortunately, the cost of owning one is NOT priceless. A Forbes Advisor analysis reveals that essential dog expenses, such as dog boarding, veterinary care, and pet insurance, cost an average of $1,533 annually.
50% of dog owners say they are very concerned or somewhat concerned about their ability to pay for an unexpected vet bill in the next three months.
And 42% of pet owners reveal that when a surprise vet bill of $999 or less happens, they cannot cover the bill without going into debt.
Other notable statistics from Forbes Advisor’s analysis include:
- Winston-Salem, North Carolina is the most expensive city for dog owners
- Colorado is the state with the most devoted dog owners
- Florida is the state with the most spoiled dogs
- Tucson, Arizona is the best city for pet owners, followed by Raleigh, North Carolina; Nashville, Tennessee; Wichita, Kansas; and Cincinnati, Ohio.
Visit Forbes Advisor to read the full statistics on 2024 Pet Ownership.