I rate footwear as the 3rd most important gear, after shelter and insulation (both of which may be necessary for survival). However, if your footwear hurts your feet or fails in some way you'll have a miserable time and perhaps be more susceptible to accident & injury.
Notice I said "footwear" (not "boots"). As others have noted, trail runners are becoming the footwear of choice. I wear my Merrill trail runners for the vast majority of hikes, except cold temps with water crossings and local (Chicagoland) winter day hikes. My most expensive piece of gear is the pair of Crispi Thor 2 boots I bought a few years ago for backpacking in rugged terrain, but use infrequently. These boots will likely never need replacing.
When discussing the cost of footwear, what is the most relevant metric? Perhaps initial purchase price is not the most important factor. How long does the gear last, with how many miles before replacing? Some avid hikers buy new trail runners every year, because they wear out. On the other hand, expensive boots may be necessary for serious mountaineering. Do you forego such an activity due to the price of the boots, or attempt it with inadequate footwear?
When comparing the price of footwear to other gear, specific examples help to illustrate. The Big Agnes Copper Spur HV UL1 tent currently lists for $499.95 at REI. The most expensive Merrill Trail Runners at REI (
Agility Peak 5 BOA GTX) currently list for $200. If the tent with good care lasts 8 years and the trail runners last 2, which is more expensive? Of course, good gear need not cost so much. My Durston X-Mid 1 shelter lists for $269, and a good pair of Merrill trail runners (non-GTX) is currently on sale at REI for $104.73 (I'm tempted to buy, even though my current Merrills have a lot of life remaining). How many years of usage till the break-even point in cost for this example remains to be seen.
