posted 12 years ago
I've been asking myself the same question lately.
Where I come from (Transylvania, Romania) many traditional farmers (smallholders) keep horses as draught animals for transportation, ploughing, logging, etc. But they have to work real hard FOR the horses - typically each household that keeps horses make their own hay, and you probably know how much land and work that requires, especially as these people do almost everything manually.
I guess it all depends on the extent to which one will use the "horse power". For me, as one who is interested mainly in horticulture on a small(ish) area of land, it would probably not pay off, although I do love the idea of non-fossil fuel powered transport and the relationship one can develop with the animals.
But I know people who work as loggers and wouldn't be able to make a living without their horses, so they are willing to put in the hard work required by keeping horses.
These are two extremes - perhaps there are imaginable situations in between the two...