Horse prices have skyrocketed in 2023, with some experts even comparing the rise to that of real estate prices.
Recent data shows prices have risen by more than 30% since the beginning of the pandemic. The current average yearly cost of owning a horse is $4000 to $6,000.
New and current equestrians alike all have the same question, what has made horse ownership so expensive right now?
Horses are so expensive to own in 2023 because of rising global commodity prices. They have traditionally been expensive to keep, but with the Covid pandemic coupled with the Russian-Ukraine war that’s affecting the global economy, the cost of daily horse care and maintenance is at an all-time high.
Horses have become quite popular in recent years. Read on to learn more about horse breeds and how to go about buying your first horse.
How Much Does It Cost to Buy a Horse?
Horses can be quite expensive depending on breed, age, and other factors. Buying from a breeder will cost about $500 to $5000. Expensive breeds such as Oldenburg can cost up to $20,000.
What are the costs of owning a horse per month?
Horses have along life span of 25-30 years. That means that they are a long-term commitment. It is advisable to have a long-term plan and consider changes in your financial situation and how they make affect your horses’ future well-being.
This is because horses are expensive, with average monthly costs scaling up to $600. These costs cover boarding fees, food costs, and health checkups.
Why is Raising a Horse So Expensive?
1. Horse Prices
Depending on the pedigree, condition, and level of training, the initial cost of buying a horse can range anywhere from a few hundred to several thousand dollars.
2. Costly Feed
Horse feed is a recurring cost that can add up over time. Horses feed on grain mills, hay, salt, and minerals. The monthly feed cost averages about $250 for feed and $30 for minerals. This is almost $3,000 a year.
3. Boarding Stables are Expensive
If you don’t have your own pastures, you can lease a boarding stable. Cost varies depending on bedding and quality. The average monthly cost is $400 to $500.
Depending on the scope of services offered such as mucking out stalls, the boarding costs can go as high as $1,200 a month.
4. Costly Farrier Services
Horses need a certified farrier every six to 8 weeks to trim and shoe them. This is another recurring cost that adds to your overall annual bill. With an average of five services needed per year, farrier fees amount to $450 to $750 annually.
5. Vet Bills
Horses require constant medical care throughout the year. Deworming should be carried out four times annually.
There are costs incurred from vaccinations, health checks, and minor accidents. The annual costs for vet bills come to about $485 per year.
How Much Does a Baby Horse Cost?
A baby horse, or a foal, can cost anywhere from $800 to $1000 depending on breed and level of training among other factors.
In some cases, you may get a foal for free if a farmer ends up with more than he can realistically care for. This may seem cheap at first, but a foal takes years before it can be ridden.
This means feeding costs, vaccinations, boarding fees, and other expenses that can add up over time.
How Much Does a Trained Horse Cost?
A trained horse will be costlier than a normal horse. Training horses is an expensive affair, with trainers charging as much as $650 a month. As a result, a well-trained horse will cost upwards of $50,000, depending on the breed.
5 Most Expensive Horse Breeds in 2023
Thoroughbred horses are some of the fastest horses in history. The latest thoroughbred to make the headlines is the Fusaichi Pegasus at a cool $70 million.
You can acquire a horse from this breed by buying an off-track Thoroughbred or OTTB for about $30,000 or less. These are retired racehorses looking for a new home.
2. Gypsy Vanner
Gypsy Vanner originates from Great Britain and Ireland. They are known for their masterly discipline and are easy to train. These horses cost an average of $12,000. Male adult Gypsy that is fully trained cost about $45,000.
3. Selle Français Horse
This breed of horses is described as athletic and sporty. These horses are used for show jumping, three-day eventing, and at Olympics jumping arenas. A Selle Francais horse will cost you between $15,000 to $50,000.
4. Andalusian Horse
Andalusian means band in Arabic, which means driving. As the name indicates, these horses were used to drive military formations, lows in farms, and carriages.
Originally from Spain, these graceful horses do well in colder temperatures as well because they have a high body temperature. Andalusian horses cost anywhere from $3,000 to $60,000.
5. Akhal Teke Horse
Akhal Teke horses were originally bred by the Teke Turkmen people of central Asia. Legendary as the horses used by the great Genghis Khan, these horses have a beautiful metallic sheen on their coat. Prices range from $5,000 and $35,000.
Read Also: Why are Staghorn Ferns So Expensive in 2023?
Will the Price of Horses Come Down?
As with almost everything else, the Covid-19 pandemic and the Russian-Ukraine war have affected horse prices globally.
Will the rates come down? Well, some seasoned breeders predict a return to normal market prices for horse prices once things settle down.
It was widely believed that early 2022 would be the return of the regular price. However, the unforeseeable Russian-Ukraine war has destabilized the markets.
Buying a Horse for the First Time
Buying a horse for the first time can be a scary experience. A horse is a big animal to keep as a pet and requires considerable care and future planning.
There are many resources online on how to go about buying your first horse. Here’s a video we find especially helpful and straight to the point.