For me, it's all about the time investment. I cannot do the 5hr rounds on a regular basis. The pace of play is a huge problem for me. It's nothing new, but as I get older, I can't tolerate it like I could in the past. My typical round is to tee off at first light (zero exaggeration there, I've lost many a stray ball on the first tee because we couldn't see well enough) and get home by 10am. I've turned down many invites to play between 9am and noon. I can't give up a full day for a round of golf.
Living in Florida, the amount of courses within a short drive of my home has driven prices down. The courses that haven't reduced rates, have not survived. So, the cost is not an issue. There are many courses around here subscribing to the less water and chemicals maintenance plan as Kev described. I'm not a huge fan, but have grown used to hitting off rougher fairways and rougher rough as long as the greens aren't skimped upon and putts roll true. I understand that these courses are in full survival mode.
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