If you own a horse, there”™s a very good chance that you”™ve underestimated the cost of caring for the animal.
According to the newly published study “Equine Lifetime of Care” published by Synchrony (NYSE:SYF), the lifetime cost of caring for a horse can range from $295,000 to $400,000 for a backyard horse, while care for recreational horses can range from $295,000 to $400,000 and the upkeep on competitive horses spans $575,000 to $1 million.
Although 83% of horse owners surveyed for the study said they are prepared for expenses, the actual costs may reach three or even four times higher than they expect.
The study noted that horse expenditures include food and nutrition, boarding and grooming, farrier services, tack and gear, breeding, routine and emergency veterinary care, end of life care, and other needs. The average lifespan of a horse is 25 years, and the study noted most horses can face one or two emergency medical events per year.
