On this International Cat Day, we turn our attention to pet owners and the significant role pets play in home buying decisions. Interestingly, there are more households with pets than there are with children. Recent data indicates that around 20% of home buyers took their pets into account when choosing a neighborhood, a consideration that rises among unmarried couples and single women.
According to U.S. Census data, the percentage of families with children under 18 has steadily declined. In 2023, that figure is at 39%, down from 52% in 1950. This trend can be attributed to decreasing birth rates and the aging Baby Boomer population, many of whom have seen their children move out.
This shift is reflected in the demographics of home buyers as well. In 1985, 58% of buyers had children living at home; by 2023, that number had dropped to just 30%, marking an all-time low.
While the number of children in U.S. households has decreased over the past two decades, pet ownership has surged. The American Pet Products Association reports that 66% of American households now own pets, compared to 56% in 1988. During the COVID-19 pandemic, many Americans adopted pets for companionship, although this trend has since moderated. Cats and dogs continue to dominate as the most popular pets in households.
Americans are dedicating more time and financial resources to their pets than ever before. According to the Bureau of Labor Statistics’ American Time Use Survey, the percentage of Americans spending time with their pets daily has risen significantly over the last 20 years. In 2003, 13.2% of Americans interacted with their pets on a daily basis; by 2023, that number increased to 20.4% for men and 23.8% for women. Financially, expenditures in the U.S. pet industry have ballooned from $53.3 billion in 2012 to an estimated $147 billion in 2023.
Given this growing integration of pets into households and the increased investment of time and money in their care, it’s no wonder that many home buyers prioritize their pets’ needs. Factors such as proximity to veterinary services and adequate outdoor space are essential for pet owners when selecting a neighborhood. Among unmarried couples, 29% consider their pets in their housing decisions, compared to 19% of married couples. Notably, 20% of single women take their pets into account when choosing a neighborhood, versus 15% of single men, reflecting a trend where women generally spend more time with pets.
Moreover, those who rated their pets as a major consideration in their neighborhood choice also tended to prioritize features like larger lots, accessibility to parks, and walkability, suggesting that both pets and their owners enjoy these desirable amenities.
Happy International Cat Day to all cat enthusiasts! For further insights into home buyer trends and recent activities in the real estate market, be sure to explore the complete 2023 Profile of Home Buyers and Sellers report.