Annual Cost of Horse Ownership
The University of Maine found the average annual cost of horse ownership is $3,876 per horse, while the median cost is $2,419. That’s $200 to $325 per month, like a car payment. Budget for feed, grain, dentistry, farrier, and vet bills. With discipline, you can cut costs in half. Expect to pay $100-$10,000 to buy a horse, depending on breed, use, and location. The average hobby horse costs $3,000. Some breeds cost up to $250,000.
Land requirements depend on the number of horses. One to two acres per horse is enough if managed properly. Horses require attention and steady income, not necessarily wealth. Overall, horse ownership has costs but you can reduce them with proper budgeting and planning.
How Much Money Do You Need to Own a Horse?
The annual cost of owning a horse can range from $1,000–$2,500+ per year. The price of the horse itself should be considered first. Depending on the horse you buy and where you get it from, prices might vary significantly. Food is a big part of your annual expenses. Horses need to eat at least 1.5% to 2.5% of body weight daily. It will cost you around $1,000 per year to feed your horse.
How to Own a Horse with Little Money
If you want to enjoy a horse but are not quite ready to buy one, leasing is an option. The American Association of Equine Practitioners estimates the minimum annual cost of owning a healthy horse to be at least $2,500. Monthly costs depend greatly on location and facilities provided.
Performance horses sell for hundreds of thousands. Housing costs vary greatly from $0 if the horse stays on your property, up to $1,200+ per month for full board. If you are in Alabama, Arkansas, Kentucky, and Mississippi you are in luck! They are the most affordable states to own and pay for a horse!
There are plenty of ways you can make owning a horse more affordable. Many self-care boarders help each other out so if someone can’t make it one day, the others will look after their horse.
One of the easiest ways to make money while working with horses is to pick up a part-time job doing barn work. DIY horse care can be a great way to save money. Keep horses outdoors to save money on shelter. Only supplement the minerals horses need.