NC farm owner here. I think the costs of farm ownership outstrip boarding costs unless you have 4 or more horses. For 2-3 horses, it’s not worth the hassle if your primary goal is just to save money. However, if you’re motivated to have specialized care for an elderly or special needs horses, the flexibility to ride on your own at home, the freedom to care for them exactly as you choose, etc, then there’s really nothing like having your horses living in your backyard!
It sounds like you’ve really thought through pros/cons, and know what you’re getting into.
Keep in mind, as others have mentioned, horse amenities are always undervalued. This means you get way more farm for your money if you buy something that already has a barn/fences on it, even if the house needs a ton of work, than building the horse facilities from scratch.
Also, as others have stated, in many areas of the country, having multi-purpose outbuildings will really help value and potential re-sale. A center aisle barn that is actually a 36x36 pole barn that could be a garage, man-cave, hobby/toy barn, workshop, storage, furniture stripping, etc -space will help if/when you ever need to move. Having two such structures means you can have one for your horses and your DH can have one for his motor bikes and other hobbies so his vested interest in the property is equal to yours.
Keep in mind, start-up costs for a farm, even if the existing barn, fences, and arena are perfect, are still formidable. Tractor, tools, labor, repair, all cost a ton. Hay is $$$, getting it delivered and stacked even more so. A tractor w/ FEL costs the same as a moderately nice car. You’ll want a bush hog or other farm-scale mower. Grass seed and fertilizer costs are annual needs.
I found that 2 horses was a nightmare. Even experienced show horses grew so bonded and buddy sour that they’d go through fencing or run around and hurt themselves when separated for riding or care. As soon as I added a third back into the mix, order and peace were restored. That’s not always the case, but it’s something to keep in mind when you’re planning # of stalls and pasture spaces.
A farm can tie you down, but there are lots of ways to maximize small spaces and efficiencies, and minimize contact with horses while still able to provide basic care, in case you need a non-horsey friend, neighbor, or family member to step in as caretaker. I live in a really horsey area which means I have great access to farm sitters and good vets/farriers, but if that’s not the case in your part of the state, do your best to research the least bad areas, and try to find the best your area has to offer.
ETA: After years of boarding all over the country (and some overseas), we moved into our first ‘starter’ farm about 9 years ago with 3-4 horses. Now we’re on our 3rd farm, own 8 horses and board 2-3 other. It’s no longer a hobby and now qualifies as a lifestyle. If you let it consume you, it will. But it’s also possible to set things up so “you run the farm”, it doesn’t run you. I think I ride about as much at home as I did when I boarded, but I do make sure I prioritize my riding time.