There are many, many hobbies that easily cost way more than brewing. I think I have spent $400-500 on equipment over the past two years. We don't have a very technical set up. If I had the money, time, space and expertise I'd like to spend a lot to build an awesome set up, but I am happy to work with what I have.
For two people (my wife and I) spending $500 over two years plus the cost of ingredients, in my general estimation, is still cheaper than if we bought craft beer in place of all the homebrew we have drank, especially if you factor in the cost of doing a different hobby in place of brewing. I don't think of my time as an expense because I get satisfaction out of learning, talking about it and brewing. I would spend the same time on a different hobby if not for brewing and I would buy craft beer to drink while I do it.
That said, I don't think you have to get into brewing to make cheap beer or spend thousands to brew. You should brew because you enjoy it and enjoy the end result.