{"id":17581,"date":"2023-04-13T16:30:05","date_gmt":"2023-04-13T16:30:05","guid":{"rendered":"https:\/\/dsb-rockisland.com\/wealth-management-insights\/?p=17581"},"modified":"2025-03-19T15:21:58","modified_gmt":"2025-03-19T20:21:58","slug":"the-pros-and-cons-of-pet-ownership","status":"publish","type":"post","link":"https:\/\/dsb-rockisland.com\/wealth-management-and-planning\/wealth-management-and-planning\/the-pros-and-cons-of-pet-ownership\/","title":{"rendered":"The Pros and Cons of Pet Ownership"},"content":{"rendered":"\n

There are potential health benefits, but also costs<\/h3>\n\n\n\n

Approximately 23 million American households added new pets to their homes during the pandemic, according to a nationwide poll by the American Society for the Prevention of Cruelty to Animals (ASPCA).1<\/sup> Now, about 70 percent of U.S. households have pets\u2014primarily cats and dogs, but also birds, fish, rabbits, ferrets, reptiles, and more.2<\/sup><\/p>\n\n\n\n

You may be wondering, \u201cIs that good or not?\u201d The answer depends on who you talk to, how well-prepared they were for their new pet, and your perspective\u2014based on your own experience with pets. In the interest of positivity, we\u2019ll save the best for last.<\/p>\n\n\n\n

The challenges of having pets<\/h3>\n\n\n\n

A new pet may be an escape artist, a chewer, a scratcher, or an all-around interloper that hasn\u2019t learned the rules for living indoors. Even if a pet is an exceptionally sweet and \u201cvery good\u201d boy or girl, there are challenges to pet ownership. The first one is the initial cost, which includes adoption or purchase fees, vaccinations and other healthcare costs, training, microchipping, supplies, and more. And that\u2019s just the start.<\/p>\n\n\n\n

According to the ASPCA, initial costs average $1,030 for a dog, and $455 for a cat.3<\/sup> After that, the annual costs of food, toys, health insurance, grooming, routine medical costs and preventive medication average $1,391 for dogs and $1,149 for cats. And those are just average costs. The actual costs depend on the pet\u2019s breed, size, age, health conditions, and other considerations.<\/p>\n\n\n\n

The first-year and annual costs for fish, reptiles, small birds, rabbits and hamsters are much less, ranging from annual costs of $20 for fish to $660 for rabbits.4<\/sup> While not all are as snuggly as cats or dogs, they still come with benefits.<\/p>\n\n\n\n

The benefits of having pets<\/h3>\n\n\n\n

The stress and isolation experienced during the pandemic likely prompted the country\u2019s recent rise in pet adoptions, but the potential benefits of these recently adopted pets may extend into the next decade. The Centers for Disease Control (CDC) reports5<\/sup> that the bond formed between people and their pets is linked to several health benefits, including:<\/p>\n\n\n\n