2024-08-09 08:00:02
On this International Cat Day, we celebrate pet owners. Did you know there are more households with pets than children? These beloved pets are a driver of a major facet of economic activity: home buying. About one-fifth of recent home buyers considered their pet in their neighborhood choice—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 homes has continued to decline. That share, in 2023, stands at 39%, down from 52% in 1950. This is likely due to two factors: birthrates overall have been declining, and there is a large share of Baby Boomer households whose children may have already left the nest.
This trend is mirrored among home buyers. In 1985, 58% of home buyers had children under the age of 18 in their home. In 2023, just 30% of home buyers had a child under the age of 18 in their home—an all-time record low.
While the number of children in U.S. households has declined in the last twenty years, pet ownership has risen. According to the American Pet Products Association, 66% of American households own a pet, up from 56% in 1988. Throughout the COVID-19 pandemic, Americans adopted pets for companionship and entertainment; however, this number has eased from the recent peak. The American Pet Product Association reports that dogs and cats are the most common household pets.
Americans are investing a significant amount of time and financial resources toward their animals. The amount of time spent with pets has increased dramatically in 20 years. 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 their pets daily. In 2023, that share has grown to 20.4% of men and 23.8% of women. Not only are people spending additional time with pets, but also finances. According to the American Pet Products Association, total U.S. pet industry expenditures have grown from $53.3 billion in 2012 to $147 billion in 2023.
Given the increased share of pets in households and the increased time and resources spent on pets, it is no surprise that some home buyers consider their pets as the most important factor when making homebuying decisions. Proximity to the vet and outdoor space for pets are important aspects for buyers with pets. Among all unmarried couples, 29% of home buyers considered their pet when deciding which neighborhood to purchase, compared to 19% of married couples. According to the 2024 Profile of Home Buyers and Sellers, 20% of single women considered factoring their pets into their neighborhood choice in comparison to 15% of single men. This trend is similar to the BLS Time Use Survey (see above graph), which found that women are more likely to spend time with pets on a daily basis.
Among those who did consider their pet to be very important to their neighborhood choice, they also were more likely than those who did not factor in a pet for other neighborhood features. Pet lovers also purchased a home in an area with the availability of larger lots or acreage and were more interested in convenience to parks and recreation areas and walkability. This is not a surprise as it is likely not just the human who desires these neighborhood features but the pets themselves who need room to run and play.
Happy International Cat Day, cat lovers! For more trends on home buyers and recent activity of buyers, check out the full 2023 Profile of Home Buyers and Sellers report.
