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Pets Drive Home Buying
- Marc Winter
- Jun 27
- 2 min read
Did you know there are more households with pets than children? And these beloved pets are a driver of economic activity, namely, home buying. About one-fifth of recent home buyers considered their pet when choosing a neighborhood, a share that increases among unmarried couples and single women buyers. Let’s dive in!
According to the U.S. Census, the share of families with children under the age of 18 living in their home has continued to decline. The share of families with children under the age of 18 in 2024 stood at 39%, down from 52% in 1950. This is likely due to two reasons: Birth rates, overall, have been declining, and a large share of baby boomer households have already seen their children leave the nest.
This trend is also reflected among home buyers. In 1985, 58% of home buyers had children under the age of 18 in their homes. In 2024, just 27% of home buyers had a child under the age of 18 in their home. This is an all-time record low.
Pet ownership in the U.S. has risen as the number of children in households has declined over the past 20 years. According to the American Pet Products Association, 71% of households now own a pet, up from 56% in 1988. While pet adoptions surged during the COVID-19 pandemic, this trend has since slowed. Dogs and cats remain the most popular pets.
Americans are spending more time and money on their pets than ever before. The percentage of people spending time with pets daily rose from 13.2% in 2003 to 20.4% in 2023, with women at 23.8%. Average daily time with pets increased from 0.62 to 0.73 hours. Pet industry spending jumped from $53.3 billion in 2012 to $152 billion in 2024. Pet owners also prioritize larger lots, parks, and walkability when choosing neighborhoods, reflecting both their own and their pets’ needs.
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