Did you know there are currently more households with pets than children? According to the U.S. Census, the share of families with children under the age of 18 living in the home has continued to decline. The share with children in 2022 stands at 40%, down from 48% in 2002. This is likely for two reasons: birth rates overall have been declining (outside of the increase in the last year), and there is a large share of baby boomer households whose children have left the nest.
While the number of children in U.S. households has declined in the last 20 years, pet ownership has steadily risen. According to the American Pet Products Association, 70% of American households own a pet—most often a dog or cat. This is up from 56% in 1988. Throughout the COVID-19 pandemic, Americans adopted pets for companionship and entertainment.
Americans are investing significant time and resources toward their animals. According to the BLS American Time Use Survey, the share of Americans who are spending time on their pets—and the amount of time spent—have both increased. In 2003, 13.2% of Americans spent time with pets daily. In 2021, that share has grown to 19.7% overall and 22.8% of women. The amount of time spent on pets has increased from 0.62 hours in 2003 to 0.77 hours in 2021. Furthermore, the money Americans are spending on pets has more than doubled in the past decade. According to the American Pet Products Association, total U.S. pet industry expenditures have grown from $53.3 billion in 2012 to $1 23.6 billion in 2021.
Given the increased share of pets in households, and the increased time and resources spent on pets, it’s no surprise that some buyers consider their pets one of the most important factors when making home-buying decisions. Factors such as proximity to the vet and outdoor space are important for buyers with pets. Among unmarried couples, nearly one-third of buyers considered their pet when deciding on a neighborhood compared to 14% of married couples. One-quarter of single women factored their pet into their neighborhood choice compared to 16% of single men.
Those buyers who considered their pet to be very important to their neighborhood choice were also more likely to look for neighborhood features with pets in mind. Pet lovers were more likely to purchase a home in an area with larger lots or acreage, convenience to parks and recreation areas, and walkability. This is not a surprise, as pet owners—particularly dog owners—often look for properties and neighborhood features that give their furry friends room to run and play.
For more homebuyer trends and recent activity, check out the full 2022 Profile of Home Buyers and Sellers at https://www.nar.realtor.
