Cost is directly related to the amount of work your willing to do.
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My horses stay on my own property. We live on 200+ acres, some rented out, some in pasture, some in hay, the rest is woods, swamp, and house. We pay for farrier care for eight horses, which adds up to $200 per visit, but do our own vaccinations and worming. All year round we have to feed and work our own horses, plus upkeep of paddocks, pastures, stalls, barns, machinery, tack, etc.
This spring we spent hundreds in hay because our crop was so poor. This year we had 26 round bales that we had to throw away because every one was moldy because the people who prepared it baled it wet. Things will happen to set you back, and so you can't trust solid figures. We did get 10 free round bales, gave two away to a terminally ill friend, we only paid for baling. If we had 26 good bales plus our second crop, we'd be swimming in hay. For some people this might not seem relevant, but what if your hay supplier went through this? Then emergency calls, so far this year I've only called twice, and it costed $500 between both, and that is the low side of vet fees.
Some farms that use horses may also save money, in retrospect. Our driving horses earn their keep out in the field and on the road. Riding horses are for enjoyment, and if I'm going anywhere within a few miles I'll go by horseback or cart. If anything, using your horse justifies the money you pay to keep them. They can be expensive to just be a pet.