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Pet Expenses: Can You Afford a Pet? Bennett Glace Pet parenthood is a big business. In 2020, American pet owners spent more than $100 billion on their furry, feathered, and scaly family members. That number is expected to rise in 2021 as more people adopt their first pets and the nation’s 85 million pet-owning households continue to purchase essentials, pay medical bills, and splurge on the occasional gift. Pets Cost More Than You Might Think According to a Credit.com survey, the majority of pet owners underestimate how much they’ll need to spend both in the first year of pet ownership and throughout their pet’s lives. The site’s data suggests that average pet costs total around $1,000 each year, but a majority of respondents believed they’d need to spend closer to $500.

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