IMHO, the only way one has a shot at making cows pay for the land and supply a frugal living, is if one buys land in one of the very few areas where you still get good pasture for $1,000.00 an acre, and if you know the local market, so that you know what will produce a decent profit at minimal expense.
I paid $30K for 27.5 acres. With 20% down, my mortgage is only $250 a month- and I can make that selling one bottle-raised steer per month. I'm purchasing 30 more acres contiguos with my farm for about the same price- so then, 2 steers per month will pay the whole mortgage.
Add four more steers per month, and I can buy groceries and pay all of my other bills. Add to this some other small endeavors around the farm, and you can see that a modest living is possible. Keep a steer to butcher every year, and some chickens, and maybe shoot a deer and grow some veggies....and you'll be eating better and substantially reducing your grocery bills!
And hopefully, the land will be appreciating in value all the while.
If you can get into the farm-direct to the consumer marketing, or any of the specialty markets, things will look even better.
Of course, if you "have to have" a $40K dually pick-up and all the toys....it'll never work. Neither will it work where land costs thousands per acre.
The main factors are the cost of the land, and what you're looking to get out of it.
I barely make a third of what I did in the city.....but my quality of life is 100 times better!