Actually, where I come from, horses are, indeed, "spendy" items. People keep horses for cattle ranching (quarter horses -- an American breed) but they also have quarter horse races. We raise a lot of thorobreds for racing, and of course, the ever popular Arabians. Horse racing is often a livlihood for a lot of people.
We also have polo matches, though that sport is (for now) reserved for the "rich."
I think that was my point - your part of America regards a horse as a utility rather than a commodity.