The financial burden of pet ownership may keep dedicated pet owners as renters. The average lifelong expenses for dogs and cats can reach $35,000 and $32,000, respectively, potentially rivaling down payments for homes. Expenses vary significantly based on pet health and lifestyle choices. Additionally, costs are projected to rise further due to inflation, impacting renters more acutely. This financial perspective encourages pet owners to weigh costs against long-term housing stability, although many would not reconsider their pet investments despite these expenses.
The average lifetime cost of owning a dog is around $35,000, while a cat comes in at $32,000, rivaling down payments on homes.
Pet ownership costs are increasing by as much as 7% for dogs and 10% for cats due to inflation and rising vet bills.
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