Costs To Own The Most Popular Pets

AAA

It's estimated that 62% of U.S. households own a pet. That's 72.9 million homes with more than $50 billion spent on their pets in 2011. Of that $50 billion, $20.5 billion was spent on food, $12.6 billion on medicine and $13.6 billion on vet care. Other expenses include the purchase of the animal and services like grooming and boarding. Different types of pets vary in terms of their maintenance costs.

Hamsters

You might have owned a hamster as a child and plan to purchase one for your children. Hamsters are cheap to own, but you'll spend an average of $160 on the cage, toys, the hamster and other first-year supplies. Monthly expenses include food, bedding, and litter which will cost between $100 and $150 annually.

Ferrets

Ferrets have gained popularity because of their reputation of being more independent than dogs, but more playful than cats. However, don't expect the price-tag of a hamster. You'll likely pay between $100 and $200 to purchase the pet and more than $500 your first year. After that, expect to pay between $300 and $700 each year.

Birds

You can purchase a finch for as low as $10, but if you're looking for an exotic bird like a parrot or Macaw, be prepared to spend $450 to $800 or more. Other costs include the cage and other first year supplies like veterinary care and feeding. Medium sized birds will average $65 per month for food.

Fish

Fish, like dogs, have widely varying costs. A single goldfish will cost very little, but a saltwater aquarium could be thousands of dollars. A basic freshwater aquarium including all supplies, except the fish, will cost around $300. Basic saltwater aquariums will cost closer to $700 and complex saltwater reef systems may run as much as $1,300 and up. Fish, like the aquariums, vary in cost from $1 for goldfish to $100 or more for saltwater fish.

Cats

Some people prefer cats to dogs because they're often lower maintenance, but are they cheaper? The cost to buy a cat can vary and it depends on where you get it from and the type of breed. Also, you'll spend between $600 and $1,100 the first year which includes the preventative veterinary care, toys, bedding, food and other supplies. After the first year, expect to pay between $375 and $750 each year over the average 14-year lifespan of the cat.

Dogs

Man's best friend is the most popular pet to own in America, but the expenses associated with owning a dog vary by breed. Small- and medium-sized dogs average $500 to $875 per year. The total cost over the average 14 year life of a dog is between $7,200 and $12,700. Larger dogs cost between $700 and $875 per year, but have a shorter average lifespan of eight years. Like cats, the initial purchase price all depends on the type of breed and where the dog is purchased from.

Conclusion

Pets can be expensive. The costs of owning even a small pet like a hamster or a ferret can add up. Americans spend billions on food, medicine and care for their pets each year. Hopefully this slideshow can you help you determine what type of pet is best for your budget.
  1. No results found.
Related Articles
  1. Retirement

    Here's How To Care For Your Pet (Financially) After You're Dead

    Find out how to protect and provide for your pet after you pass away.
  2. Investing

    Top 3 Pet Food Stocks of 2016 (BUFF, SPB)

    The pet food industry rakes in more than $22 billion annually. Consider these top stock picks for 2016.
  3. Insurance

    Is Pet Insurance Worth The Price?

    Should you insure your pet? Here's how pet insurance works and how to decide if it's worth buying this coverage.
  4. Investing

    Citi Sees ‘Premiumization’ in Pet Food Category

    Report says ‘humanization’ of household pets Is good news for these companies.
  5. Investing

    Pet Stocks To Invest In

    Even during a downturn people can't help but spoil their pets.
  6. Investing

    Pet Stocks

    Even during a downturn people can't help but spoil their pets.
  7. Insurance

    What You Need To Know About Pet Wellness Plans

    Here's a breakdown of wellness plans and pet insurance, and some tips for keeping your pet healthy.
  8. Investing

    The Hidden Cost of Owning a Pet – Rent

    Sure, food, doggy daycare and the vet add up. But rent? Here are the top five priciest – and the five cheapest – cities for pet owners.
  9. Insurance

    Protect Your Kids And Pets With Custom Insurance

    Find out how to protect those you love the most with specialized policies.
Hot Definitions
  1. Leverage Ratio

    Any ratio used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to ...
  2. Two And Twenty

    A type of compensation structure that hedge fund managers typically employ in which part of compensation is performance based. ...
  3. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying ...
  4. Expense Ratio

    A measure of what it costs an investment company to operate a mutual fund. An expense ratio is determined through an annual ...
  5. Mezzanine Financing

    A hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing ...
  6. Long Run

    A period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all ...
Trading Center