Bike racing can be expensive - stupid expensive - if you want it to be. It doesn't have to be that way - with a little knowledge and elbow grease - racing on the cheap is totally possible. Building up bikes or searching for used stuff can also be a gas, if you're so inclined.
I've kept my son, Racer Boy Ian, rolling with decent race ready bikes on the cheap for a few years now. Used bikes, Part-O-Swaps between frames, and new bike deals in the mix to keep things rolling. The price of being a one paycheck Family-O-Four. Expensive bikes on hold for a few years.
While eating dinner tonight, pulled a back issue of Cyclocross Magazine out of the Pile-O-Mags, as I can't seem to eat with reading something. I'm sick that way. This issue containing an interesting story of putting together a new 'cross bike for low dough, that I re-read and getting a kick out of for a second time. Bike pictured above, borrowed from the online version of the article. Total cost for the race ready rig, via various sources, came to $643. Entire bike for less then the cost of a high end wheelset. Very cool.
Sure, a new Ibis or Steelman would be sweet. If you can't swing the cost of something along those lines, don't let it deter you from racing or riding. There are other avenues of getting out there.
Also a nod to Cyclocross Magazine, now one of my favorite mags. Grassroots and run by people in the know. If you haven't done so already, very worth checking out.