Around 66% of households in the United States own a pet — up from 56% in 1988 — and while these companions certainly contribute to the household in their own way, caring for them can get pricey. According to Forbes Advisor, the average annual cost of owning a dog is around $1,400 and the cost of owning a cat is around $1,150. However, that number can grow exponentially if a pet is in need of emergency care.