Owning a pet can definitely make people happier, but it doesn't come cheap. According to new research, cat and dog owners spent an average of $2,085 on their furry friends last year, and that’s if nothing goes wrong. Pet emergencies can be pricey, with the average unexpected health event costing $560.80. Despite all that, people think the expense is worth it, with 60% saying they cherish quality time with their pets.