🤔 Today's Trivia Question:

What Percentage of American Households Have Pets?

Correct Answer: D) 70%

🐕‍🦺 Rise of Pet Ownership: More Homes Have Pets Than Kids

In recent years, there has been a significant shift in American household dynamics, with more families now owning pets than having children. According to the U.S. Census, the percentage of families with children under 18 living at home has declined from 48% in 2002 to 40% in 2022. This trend is attributed to declining birthrates and an aging Baby Boomer population whose children have grown up and moved out.

While the number of children in U.S. households has decreased, pet ownership has seen a steady rise. The American Pet Products Association reports that 70% of American households now own a pet, a notable increase from 56% in 1988. During the COVID-19 pandemic, many Americans adopted pets for companionship, leading to a surge in pet ownership. Dogs and cats remain the most popular pets.

Investments in pets, both in terms of time and money, have also increased. The BLS American Time Use Survey indicates that the percentage of Americans spending time with their pets daily grew from 13.2% in 2003 to 19.7% in 2021. Women, in particular, are more likely to spend time with their pets, with 22.8% doing so daily. The time spent with pets has increased from 0.62 hours per day in 2003 to 0.77 hours in 2021. Financial expenditures on pets have also risen significantly, with the American Pet Products Association reporting that U.S. pet industry spending grew from $53.3 billion in 2012 to $123.6 billion in 2021.

The growing importance of pets is influencing home-buying decisions as well. Many home buyers now consider their pets' needs when choosing a neighborhood. Factors such as proximity to veterinary services and outdoor spaces are critical for pet owners. Among unmarried couples, nearly one-third considered their pet when deciding on a neighborhood, compared to 14% of married couples. Single women are also more likely to factor in their pets, with 25% considering them in their decision compared to 16% of single men.

Those who prioritize their pets in home-buying decisions tend to seek neighborhoods with larger lots, access to parks and recreation areas, and walkability. These features not only benefit the homeowners but also provide ample space for pets to play and exercise.

For more insights into recent home-buying trends, the full 2022 Profile of Home Buyers and Sellers report offers a comprehensive overview.