Yes, it costs that much. Let me tell you why.
…And that’s the point I’m trying to make. Building a WordPress website on your own is totally do-able, but it will take longer than if you have someone do it for you. It will cost you less in actual money spent to do it yourself, but it will cost more in time and in lost sales and missed opportunities. You can save money or you can save time, but it’s not really possible to save both and end up with a quality website.