Pets bring joy. Pet owners know this, and the popularity of cat and dog posts on social media confirm it. They also do much more: having a pet dog or cat can lower your heart rate, reduce blood pressure, boost brain power and ease stress. Dogs are especially good for your physical health because the regular walks they need build exercise into their owners' days.

Having a pet is good for us emotionally, too. A new study finds pets can improve our sense of wellbeing as much as the bonds we have with our spouse, close friends or relatives.

While the benefits of having a pet are clear, having a pet is a commitment not to be entered into lightly; and while it's good to involve children in caring for pets, it is unrealistic to expect a child to be solely responsible for an animal's care and welfare.

What's more, the researchers found that the mood boost pets provide is equal to the rise in life satisfaction you might expect to see if you received an extra $90,000 a year.

To arrive at this figure, the team, from the London School of Economics and the University of Kent, chose a monetary metric that's often used to put value on civic amenities — things such as clean air or green space.

Information was collected from a long-running survey of 2,500 British households who were selected to be representative of the country as a whole. Living with a pet companion was linked to a three- to four- point increase in life satisfaction on a scale that went from one (completely dissatisfied) to seven (satisfied beyond measure).

Even the study's co-author was astounded by the results. “First when I obtained the values, I was surprised; I was thinking that is a lot of money even for me who loves [pets],” one of the co-authors of the study, Adelina Gshwandtner, a lecturer at the University of Kent's School of Economics, Politics and International Relations, told CNN.

The mood boost pets provide is equal to the rise in life satisfaction you might expect to see if you received an extra $90,000 a year.

Gschwandtner and her colleagues report that their study is among the first to quantify the emotional contribution of pets in hard economic terms, but they admit to the limitations of the research. “We only have information about cats and dogs as these are the most prevalent pet types,” she said. “But we do not wish to underestimate the importance of other types of pets for wellbeing such as fish, hamsters, rabbits, reptiles or horses.”

While the benefits of having a pet are clear, the commitment cannot be entered into lightly. The American Veterinarian Medical Association suggests thinking carefully about whether a pet is right for your family. You'll want consider the following:

  • Can you afford the costs of caring for your pet? Some species or breeds of pets have special needs that may require additional cost or effort. Think of the needs your pet will have for food, housing, socialization, exercise, grooming and veterinary care, and make sure you can afford and are willing and able to provide them.
  • During the workday, how long will you be away from your pet? Do you work long hours or travel frequently? Some pets need more frequent exercise or feeding, and might not be a good choice for owners who spend a lot of time away from home.
  • Who will care for your pet in your absence? Consider not just short-term absences, but also what might happen if your pet outlives you, and plan accordingly for your pet's care.
  • What future changes might affect your ability to keep your pet in years to come? You are making a commitment to that pet for their life, so consider what you will do with your pet if your life situation changes.

    • Living with a pet companion was linked to a three- to four- point increase in life satisfaction.

  • Do local laws or your housing arrangement limit your choice of pet? If you rent, your landlord may restrict the type or number of pets you can have.
  • How many years are you willing to commit yourself to caring for a pet? Different species and breeds of animals have distinct needs for companionship and attention, as well as differing life expectancies.
  • Do you already have any pets? If so, will your current pet accept another pet of the same or a different species? If you're not certain, your veterinarian can help you answer this question.
  • Finally, what are you looking for in a pet? Do you want a lap warmer? A running buddy? Or a pet that's easy to care for? Although it's good to involve children in caring for pets, it is unrealistic to expect a child to be solely responsible for the animal's care and welfare.

The study is published in Social Indicators Research.