On this International Cat Day, we take a moment to acknowledge pet owners. Surprising to many, there are more households with pets than with children. These cherished companions influence a significant aspect of the economy: real estate purchases. Approximately 20% of recent home buyers took their pets into account when selecting a neighborhood, a figure that rises among unmarried couples and single women.
The U.S. Census reveals a decline in families with children under 18 living at home, now at 39% in 2023, compared to 52% in 1950. This downward trend can be attributed to two main reasons: declining birth rates and the prevalence of Baby Boomer households whose children have moved out.
Home buyer demographics reflect this change as well. In 1985, 58% of those buying homes had children under 18, while in 2023, that number has dropped to a record low of 30%.
Despite the decreasing number of children in U.S. homes over the last two decades, pet ownership has surged. According to the American Pet Products Association, 66% of American households own a pet, an increase from 56% in 1988. The COVID-19 pandemic spurred many Americans to adopt pets for companionship, although this trend has moderated since its peak. Dogs and cats remain the most common household pets.
Americans are dedicating substantial time and financial resources to their pets. Over the past 20 years, the time spent with pets has significantly risen. The BLS American Time Use Survey indicates that in 2003, 13.2% of Americans engaged daily with their pets; by 2023, that figure rose to 20.4% for men and 23.8% for women. Financially, pet industry expenditures in the U.S. have skyrocketed from $53.3 billion in 2012 to $147 billion in 2023.
Given the rising statistics of pet ownership and the investment in time and resources, it’s not surprising that many home buyers view their pets as key factors in their home-buying decisions. Access to veterinarians and outdoor spaces for pets are critical elements for these buyers. Among unmarried couples, 29% contemplated their pet’s needs when choosing a neighborhood, versus 19% of married couples. The 2024 Profile of Home Buyers and Sellers reports that 20% of single women factor their pets into neighborhood decisions, compared to 15% of single men, reflecting a trend where women spend more time with pets on a daily basis.
Home buyers who consider their pets essential in neighborhood selection also prioritize other neighborhood amenities, such as larger lots, proximity to parks, and walkability—features that cater not only to their desires but also to the needs of their pets.
Wishing a joyful International Cat Day to all feline enthusiasts! For further insights into home buyer trends and activity, be sure to explore the complete 2023 Profile of Home Buyers and Sellers report.