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Many Americans know that caring for a pet isn't cheap, but just how expensive it is can still be surprising to some.

A 2025 survey commissioned by MetLife found 1 in 7 (15%) of U.S. pet owners experience“pet poverty,” struggling to pay for both their own basic needs and pet care. (1) Furthermore, 1 in 5 (22%) carry at least $2,000 in pet-related debt.

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The figures come after a report by pet care marketplace Rover showed the average lifetime cost of owning a dog for 10 years was nearly $35,000 and around $32,000 for a cat across 16 years. (2) Of course, size and lifespan can be huge contributing factors to these costs. (3) (4) Rover has noted, for example, large dog breeds can cost significantly more than small ones over time.

So, with pet care seemingly becoming a luxury many can barely afford, is raising a pet now exclusively for the wealthy?

When pets come before people

Many Americans admit the price of having a pet has led them to reconsider ownership. A 2024 LendingTree survey found that 23% of pet owners say they've considered going petless due to costs, while 39% say their current pet will be their last. (5) On top of that, 12% of Americans reported surrendering a pet because they could no longer afford its care.

Around 85% of pet owners reported inflation was to blame, with 76% saying pet food, 56% saying veterinary care and 40% saying necessary supplies have gotten more expensive.

“So much goes into owning a pet,” LendingTree chief consumer finance analyst Matt Schulz said.“It isn't just food, leashes and toys. Inflation has left many people with less disposable income. When that happens, you have to make difficult decisions and prioritize your money. For many, that doesn't leave room for pets.”

This reality is reflected in MetLife's survey, in which 58% of respondents said they've skipped meals out to afford their pets' needs.

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The cost of skipping care

According to the Financial Times, citing data from the Bureau of Labor Statistics, veterinary prices in the U.S. have jumped about 60% in the last decade. (6)

While neglecting preventive care might be tempting when your budget is tight, it's important to note that it might cost you even more money down the road.

The ASPCA advises not to skip your pet's annual exam, saying it's much riskier and costlier“to treat illnesses than to protect against them.” (7) Regular checkups can catch issues early before they become a serious problem costing upwards of thousands of dollars to fix.

Still, more than half of pet owners (52%) have skipped needed veterinary care in the past year, according to a Gallup survey commissioned by PetSmart, while 37% who visited a vet say they turned down one or more care options. (8) Among those who skipped a visit or declined services, 71% say they couldn't afford it or didn't think the cost was worth it.

Is pet insurance worth it?

Pet insurance enrollment is rising, with more than 6.4 million dogs and cats in the U.S. insured as of 2024, according to the North American Pet Health Insurance Association. (9) Annual premiums for accident and illness policies average $749 for dogs and $386 for cats, but coverage limits and exclusions may vary. (10)

An insurance policy might bring peace of mind to pet owners, which may justify the cost for many, but is it worth the actual cost?

A Consumer Reports survey found that just 34% of policyholders said they saved money by having pet insurance compared to what they would have spent out-of-pocket, while 20% reported breaking even. (11)

Either way, 67% of policyholders said the cost of insurance was worth it.

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Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

MetLife (1 ); Rover (2, 3, 4 ); LendingTree (5 ); Financial Times (6 ); ASPCA (7 ); Gallup (8 ); North American Pet Health Insurance Association (9, 10 ); Consumer Reports (11 )

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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