Owning a Pet Now Costs a Small Fortune

If your kid asks for a puppy this Christmas, tell them sure… they just might not be able to go to college.

A study by Synchrony found the true cost of caring for a cat or dog over their entire lifetime can range from $20,000 to $61,000 – nearly three times what most people expect.

The poll asked people to estimate how much it would cost to care for a pet for 15 years. The average guesses were $5,735 for a cat and $8,158 for a dog.

But those optimistic ballpark figures fall well short of reality once you account for food, grooming, vet visits, and all those little extras we indulge our pets with. (Hey!! My cat likes dressing up for Halloween, okay!?!)

The actual estimated lifetime cost?

$20,000 to $47,000 for cats, and $22,000 to $61,000 for dogs.

It breaks down to roughly $1,500 a year—and that’s the minimum you should expect.

The cost of pet ownership isn’t just high—it’s also rising fast.

From 2022 to 2025, dog-related expenses increased by 12%, and cat costs have surged 19%.

Despite the financial burden, most pet parents have no plans to live a life without pets.

More than 75% of those surveyed said they see their pets as “family members,” “best friends,” or even “children.” That sentiment runs slightly stronger among dog owners—24% said they view their pup as a child, compared to 21% of cat owners.

With inflation and rising vet bills continuing to push costs higher, the findings serve as a reality check for current and would-be pet owners.

The takeaway? Pets are priceless, but definitely not free.