Interestingly, both low-end and high-end lifetime cat costs are greater than the lifetime dog costs. Despite cats being a much smaller animal, cat food appears to be more expensive across the board than dog food. While this is not a huge difference in price, paying a little extra for your pet's food each month really does add up over the 14 years of average ownership of these two popular pets.

The most expensive pets to own on our list are, by far, horses. While it’s surprisingly possible to adopt a horse for as little as $25, the recurring costs of food and environment maintenance seriously accumulate over the 33 years of horse ownership. Annual spending on horse food is around 4 times as expensive as it is for dog or cat food, and yearly insurance can be significantly greater (up to 10 times as much in the high end) than insurance for dogs and cats.

For pet ownership on a budget, the goldfish is the one for you. Coming in at a minimum of $220.18 for 10 years of ownership, goldfish make the cheapest pet on our list. Goldfish are also one of the easiest pets to take care of as they do not require walkies or cuddles, and they don’t make a loud racket when you’re trying to sleep. While a goldfish is the cheapest option in our list, if you become a fish fanatic and rare breed collector then you will definitely see your cost soar. Some of the most expensive fish breeds for collectors can reach up to $10,000 or more!

While you can budget for your pets, the real cost of owning any pet on our list is subject to the individual animal you get, your own situation, and any unforeseen circumstances. While it is possible to budget you could own a pet for a lifetime and spend less on it than we have estimated here, however, the opposite is also true. Unforeseen circumstances such as illness or injury can drastically change how much you spend on your pet. Emergency veterinary treatment can run into the thousands depending on the specific problem, and the cheaper insurance plans may not cover all of these costs.

There are many smaller costs that we have not factored in here that you may be more inclined to. For example, If you have an animal prone to breaking or destroying the toys and supplies you buy for them, expect to spend more on your pets' environmental maintenance! In addition, many of us love the chance to spoil our pets which can also add on to your yearly ownership cost. For example, the National Retail Federation revealed that one in four pet owners bought valentines gifts for their pets in 2020, totalling $1.7 billion in spending!