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Many young adults want to get a cat, dog, or other pet when they venture out on their own—whether for personal safety or for cuddly companionship. But unfortunately, many Gen Z-ers who have acquired a pet have found that the cost of keeping one is simply not affordable.

In fact, a LendingTree survey of 1,991 U.S. consumers found that 25% of Gen Z members said they gave up their pet because they couldn’t afford to care for it. But they’re not alone. Of all Americans, 12% have given up a pet for the same reason.

Rising costs due to post-pandemic inflation are weighing on many pet owners, as pet food and supplies have become more expensive in recent years. But inflation isn’t the only thing to blame for pets being unaffordable. Owning a pet is expensive across the board, and there are often costs that aren’t considered when someone decides to bring an animal into their home. We don’t talk openly enough about how expensive pets can be, and with about two-thirds of U.S. households having pets, young people may think they can easily afford them.

Why are pets so expensive?

Food and supplies: The most basic ongoing costs for pets are the things that keep them alive and safe, like food, litter, etc. These are the generally predictable costs that most people think about when planning to get a pet. Sometimes an animal may have problems with certain food ingredients, and specialty foods can be exorbitantly expensive, but they are still constant costs that can be factored into a budget. Some pets require special enclosures and even special lighting or warmers.

Veterinary bills: Some vet bills are predictable, like regular checkups and vaccinations. But you never know what the vet might find during even a routine exam, and if something needs to be done, it can add up quickly.

But there are also veterinary bills for health maintenance that many people aren’t aware of. For example, according to many veterinarians, cats should get professional teeth cleanings every one to two years. A teeth cleaning may not seem like a big deal, but cats need to be anesthetized for it, so it costs hundreds of dollars (sometimes over $1,000, depending on the vet).

Personal care: Depending on the pet you choose, you may have to pay for haircuts or other grooming costs. Some dogs have hair instead of fur, which can grow too long and matted if not groomed properly.

Animal boarding/pet sitting: Unless you never drive anywhere or always take your pets with you (which isn’t always feasible), you’ll probably need to pay someone to look after your pets when you go out of town. This can range from paying a friend in pizza to full-on pet boarding, which can sometimes cost as much as a hotel room, but it’s an expense that people often don’t think about until a vacation rolls around and they have to figure out what to do with their furry friends.

How much does it cost to keep a pet?

According to Rover.com, the average annual cost for a cat is $710 to $2,865 and for a dog, $1,000 to $5,225. That can be a lot of money for people on a tight budget. And if you add multiple furry friends, it gets even more expensive.

Of course, there are other pets besides cats and dogs, and they all have their own average costs. But there is no such thing as a free pet, so it’s important to make sure you can easily afford a pet, no matter what animal you get.

How can people more easily afford a pet?

1) Consider the acquisition of a pet as a major purchase with ongoing costsJust like buying a car, where you know you’ll have to pay for gas, oil and air filter changes, new tires, and repairs when something stops working properly, you need to factor in all the possible costs of owning a pet. Literally, budget it to make sure you can afford it.

2) Do the math and find out if pet insurance might be a good option. According to PawlicyAdvisor.com, the average monthly pet insurance premium is between $20 and $40 for a cat and between $35 and $120 for a dog (depending mostly on breed). Premiums increase with the age of the animal and can vary greatly for dogs depending on breed. However, pet insurance can be a good option if you can more easily afford a fixed monthly insurance premium than be faced with an unexpected vet bill.

3) Seek assistance if you cannot afford your pet.Pethelpfinder.org is a great resource that can direct you to programs in your area that offer affordable pet services or help with the costs of food, veterinary care, and even housing. The Humane Society also offers a list of resources for people who are having trouble affording their pets.

4) If adopting a pet really doesn’t fit your budget, consider fostering a child instead. There are many animals that need temporary care while they wait for their forever home. Fostering gives you the benefit of caring for an animal without incurring any costs as the costs are covered by the foster program. It can be hard to let them go when they find a permanent home, but if you look at it as a service to the animal and give them a loving temporary home, it can be incredibly rewarding.

Cats and dogs can cost more than you expect. Photo by Tatiana Аzatskaya/Pexels

A pet is a significant expense and we need to be open about that. There are options if you are struggling to afford your pet’s care, so if you want to keep your pet, you should explore all options. At the same time, taking in a pet is an act of love when finances don’t allow you to care for them properly. The most important thing is to make sure our animals are comfortable, even if that means finding them a home that offers them everything they need.