The average cost of pet ownership varies depending on the type of pet, its size, breed, age, and location. On average, pet owners can expect to spend between $500 to $2,000 per year on their pet's expenses, which can include food, toys, grooming, veterinary care, and other supplies. Larger pets or those with specific medical needs may incur higher costs. It is important for pet owners to budget and plan for these expenses to provide proper care for their furry friends.