It was International Cat Day last week!
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.
