I think it depends on the choices you make. For each expensive option there is usually a decent cheap option. Most people associate ultralight with over-engineered DCF and carbon fiber tents that cost $1000, but a sub-$100 tarp can work as well.
It depends how you do it. Ultralight gear is definitely more expensive because the designers use more expensive materials and really sweat the details. It’s also a lower-volume niche market than traditional camping/hiking gear.
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