Yes, it's absolutely worth it!!
I started taking flying lessons when I was in high school in 1982. I had a minimum wage job, and a C-150 rented for $42/hr. I had to work for 12.5 hrs at $3.35/hr to afford one hour of flight. Today the minimum wage is $7.25. If a kid worked for 12.5 hrs today he’d earn $90. At my FBO you can rent a C-172 for $90/hr, and I’d think most C-150/152s would go for this price as well. My point is that it’s not really any more expensive now than it was “back in the good old days.” Learning to fly is expensive because you have to fly more often and hire an instructor, but once you have your ticket your hourly rate will go down.
As others have pointed out, flying is an expensive hobby, but the same can be said for many others. I can go spend $100 at the airport while my buddies go to the golf course and spend the same amount. The real difference is that I can do it much quicker. It takes me an hour to fly off $100 but it takes my golfer pals all morning.
To me, flying was something I always wanted to do, so I found a way to afford it. For example, I could take my wife out to eat, even at a modest place like Chilis, and easily spend $50 on dinner, or I could buy groceries and learn to cook and save at least half of that. As I’ve gotten better at cooking, I can now spend an hour or two cooking a meal that would easily run $50/plate for a fraction of the cost. After I do that a couple of times, I’ve saved enough money to rent a plane for an hour. I enjoy cooking, so it’s an easy comparison for me. I’m sure there’s something you currently spend money on that you could restructure and create an airplane rental budget if you want.
If you fly the right airplane, you can do so very economically. I used to own a Grumman Yankee. My wife and I could jump in it with 45 lbs of bags and fly for 7 gallons an hour at 115 kts. I ran car gas in it and there wasn’t much maintenance or other expenses, so it was pretty economical. After owning it for 6 yrs I added up every penny I spent on it (gas, oil, insurance, paint, repairs, charts, tie-down, etc.) and divided by the hours it flew, and it came out to $22/hr. That was with gas prices about $1.50/gal, so it would be more today, but it would still be economical. I got about 20 miles to the gallon in cruise flight, so it was almost as efficient as my wife’s Ford Explorer, which is the vehicle we’d travel in when we didn’t fly. We lived in NC and our family was in OH, so driving was either an all-day 13 hr journey, or we’d get started after work on Friday and stop at a hotel for the night. When we flew we could shorten the trip by 100 miles and because we were going almost twice as fast as a car we could make the trip in 4 hrs. In that case, flying was cheaper (in both time and money) than driving. I used my hobby to travel extensively. We flew all over the eastern part of the US: Maine, Florida, Wisconsin, all around the Carolinas and Virginias and of course to Ohio. We visited friends and family, took vacation, or just went out for lunch or breakfast. (Lots of small airports have pancake breakfasts.) Before my wife learned to fly she always wanted to go somewhere when we flew, so we traveled all over. It was cheap enough that I never once thought about how much it would cost me to fly somewhere. Because it was so economical, I never had to think about the price, when I felt like flying I went.
There are planes out there that offer the same economy, you just have to really evaluate what kind of flying you will do and don’t confuse your needs with your wants. Start small and see where it goes from there. You may want to consider an ultralight. You may need to buy one in order to make this work, but it’s definitely a way to get in the air for a few gallons an hour and not much other expense. I just checked Trade-a-Plane and there’s a few listings there for ultralights between $4-13K. Or you could get an experimental airplane, like a Bowers Fly Baby for about $10K.
http://www.bowersflybaby.com/forsale/index.html