Far from it.
The initial entry cost was a little high, but my first PC (that wasn't a family related thing I could use) was an Athlon Thunderbird 800mhz with 128mb ram and a Geforce 2 MX400 which came to around £800-1000 and included a monitor and peripherals. I was in high school at the time, and when going through college I was able to upgrade my GPU three times from saving up from odd jobs/paper round type stuff.
My Geforce 3 ti200 cost me in the region of £100. (Premium card, albeit lower tier for the era but could match higher end with OC)
My Geforce 4 ti4200 cost me around £120ish, and I was ridiculously lucky when the card I got was a ti4400 instead. (Same as the above)
At this point I had a friend who worked in a local comp' hardware store that notified me of a 9500 non PRO with the L shaped memory, meaning it could be modded into a 9700. Again around the £100ish mark. (The 9700 Pro was the top GPU available when launched)
I also recollect years later (2007 or so) getting very solid mid range cards in the form of the ATI 3850, and Nvidia had the 8800GT for similar at the £100-150 range.
What we're dealing with now is a mixture of inflation and the companies that we're stuck with taking the pee.