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Just some food for thought - generally, maintaining a good pasture is often more expensive than just buying the hay. I grew up with our horses having 1 acre of pasture, but they were almost never on it. They were usually turned out into the arena with gates open to go into stalls. Not ideal, due to the sand, but that's just me. I think my dad spent more time spraying for weeds, fixing the irrigation, fertilizing, etc than the horses ever spent on it. AND he didn't take the time to pick up manure or properly compost it.

My two horses are currently on an acre (maybe a tad smaller) dry lot. They get hay and supplements. Honestly, it's not bad, and like I said, it's probably cheaper than having to try and maintain a pasture, which would be impossible anyway because it's not irrigated.
 
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