The Hidden Cost of Pets: How They Can Delay Your Path to Homeownership

The only living thing I would spend $800 on without batting an eyelash is my cat, Norwood, as I did just last month at his annual vet checkup. But is the money I spend on him keeping me—and other doting pet owners—a renter forever?

As a real estate writer, the question intrigued me. As a pet owner, what I found disturbed me: Yes, had I invested in savings instead of a pet, I might not be writing rent checks every month.

What many don’t realize (myself included) when they bring home their furry friend is just how much they’ll spend on pet-related expenses over the lifetime of their animal—and how that total can rival a down payment on a home.

What pets really cost us

So, what’s the damage of all those vet visits, toys, and premium food deliveries?

The average lifetime cost of owning a dog is around $35,000 (assuming a 10-year lifespan), while a cat comes in at $32,000 (assuming a 16-year lifespan), according to Rover’s 2025 True Cost of Pet Parenthood Report.

Of course, those figures can climb much higher depending on your pet’s breed, size, health needs, and whether you adopted from a shelter or bought from a breeder. 

A large dog with chronic health conditions or special dietary needs will likely cost well above average. And if you’re the type who splurges on birthday pupcakes or GPS collars, the price tag only grows.

Here’s the kicker: These numbers are going up. Rover estimates that the costs associated with pet ownership will increase by as much as 7% for dogs and 10% for cats in the coming year, thanks to inflation, rising vet bills, and new tariffs on pet food and supplies.

That’s a significant chunk of money for anyone—but especially for renters already feeling priced out of homeownership. When you zoom out and tally up a decade (or more) of pet expenses, it’s easy to see how that money could have gone toward a down payment, or at least made a sizable dent in one.

What if I’d saved instead?

While I would never entertain the idea, let’s say, for the sake of this article, I hadn’t opted for pet parenthood and had instead put that money toward a down payment.

If I’d opened a high-yield savings account 10 years ago (Norwood’s age) and invested my annual pet expenses, how much would I have today? Let’s assume an annual percentage yield of 3.5% for our experiment.

With an initial deposit of $500 and monthly contributions of $300, today I’d be sitting on $43,611.59—or roughly the equivalent of a 10% down payment on a median-priced home.

The challenge of saving

The problem is, I don’t trust that I would have saved that money every month had I not been spending it on Norwood. In fact, I’m almost certain I would have found other uses for it (perhaps a new, very fast bike every few months).

This trick of psychology is part of what makes homeownership such a builder of wealth: It’s forced savings disguised as rent.

When you buy a home, you take on debt. But every month, the portion of your mortgage payment that goes toward the principal is money that ends up back in your pocket as equity—like putting money in a piggy bank.

But imagine that piggy bank grows in value over time, too. As your property appreciates, you earn even more equity, putting more money back in your wallet.

This is in stark contrast to, say, devoting a portion of your monthly budget toward specialty canned cat food and treats. That’s money you’ll never see again.

Still, it’s hard to feel happy imagining coming home to a place I own at the cost of Norwood’s excited meow greeting me (or, more likely, demanding his dinner). A pet may delay homeownership, but they’re an important part of what makes a house a home.