(NewsNation) — Inflation is hurting pet owners as 12% of Americans say they’ve surrendered a companion they could no longer afford.
Seventy-six percent of pet owners have noticed rising pet food costs, while others say expensive vet visits and necessary supplies are burning holes in their pockets. That’s according to a recent Lending Tree survey, which suggests 37% of pet owners have gone into debt for their animals.
The typical monthly cost of owning a dog is between $80 and $440, according to the dog walking and boarding app Rover. That’s an annual increase of $100 on average from 2023 to 2024. Meanwhile, the typical monthly cost of cat ownership is between $60 and $240 — an average $70 increase from last year.
As many Americans shell out more cash to cover basic needs like housing and food, the added costs of pet ownership have become a barrier.
About 24% of non-pet owners say they can’t afford to care for an animal, while 64% of Americans who already have pets say they have to make financial sacrifices. That includes cutting back on personal spending and vacations or taking on debt for other expenses.
Twenty-three percent of pet owners also say they’ve reconsidered the responsibility because of costs.
Millennials are the most likely to consider going petless, followed by Gen Xers and baby boomers. Pet owners who are men, have young children or belong to Gen. Z are the most likely to say they won’t take on pets in the future. About a quarter of all owners agree they wouldn’t have gotten a pet if they could foresee the expenses.
Those determined to provide for their animals despite financial hardship may enter debt to do so. Nearly 2 in 5 owners say they have pet-related debt, most often attributed to vet costs and medical emergencies.
Anyone struggling to provide medical care and basic necessities for their pet should ask their veterinarian about nonprofits that can help cover costs. Many regions also have free or low-cost vaccination and spay and neuter programs that can knock hundreds to thousands of dollars off important veterinary services.