feline78: I've made 2 games all by myself (graphics, sounds, scripting, game design) using Unreal Engine 4.
It did not cost me a dime, only time. Time is money though but as a hobby, making games can be quite fun.
These days, with free and professional game engines like Unreal Engine 4 and Unity, making a game can be done at no cost. If you want a tool to create 3D models, Blender is available for free (and is a good alternative to costly software like Autodesk Maya and 3DS Max). If you want to create sprites, GIMP (an image manipulation software similar to Adobe Photoshop) is free. Krita is another free alternative (or you can buy it on Steam for a few bucks to support the devs). Other tools like Corel Painter Essentials, Affinity Photo, Affinity Designer, Pro-Motion NG, Aseprite are all under $100.
Learning game dev can be done freely by watching YouTube videos or by buying cheap Udemy Courses. There are also very cheap E-Books to learn programming and game development in C, C++, C# etc...
Many PC games on itch.io, Gamejolt.com and Steam were made by a single person. Even if that person bought some art assets like 3D models or sprites to use in a commercial game, it would amount to around a few hundred dollars of budget.
But still, pretty much anybody these days can make a small, short game that runs fine and create everything by themselves.
My two games are short and VERY BASIC and pretty dumb as well but if I could do it, then anybody could. My games are as far from AAA games as a homeless man is from Jeff Bezos but they are still working games and they qualify as such.
I am always surprised to see the budgets for professional games out there.
Yeah from what I gathered is that free games rank from 0$ to lets say even several thousand bucks (as you implied some assets still cost money), it depends on how deep you are in your hobby of game development of course.
Personally I tried to code a whole ASCII-roguelike engine in Python with some success but it was unoptimized, it also lagged in some parts and even broke, but its something I did for myself without any help. Its also an extremly time consuming thing to do. But I learned something valueable of what I've already kind of understood, that people who make games seriously put their damn lives into it, even if its just a free game.
On the other hand, I've payed some hundred bucks in some game makers and assets just to have fun with during the last two decades. Its a fun past-time just playing around with that kind of stuff thats for sure.
The most ambigious thing, sans the engine-project, was a (almost) monochrome Metroidvania project that I tried by using GM that I tried to make. Besides understanding why a lot of devs like making these types of games I also found out that you have to metriciously plan a lot of things in order to make it proper (worldbuilding, bosses) as even a single boss did take around two months of past-time work. Making a simple, not pretty Metroidvania with dozends of Bosses, believable enemies and a world is probably what I could do, even if it would realistically require around 7-12 years to make. Its because of stuff like this that I don't even believe that long development times aren't even that long, its just that slight problems can significantly lenghen the process even if you're a professional during crunchtime. Learning the things needed can take a long time if you're not accustumed to it.
Look at games like
Iconoclasts for instance that took a similar approach, though its done by an experienced developer and is far more sophisticated than the stuff I've attempted to make of course. Not only that, but the game also took like 10 years to make and for good reason.
So with this said, I do believe is what matters more is that you're doing stuff with fun in mind rather than your budget or even time. Learn and practice by experience and then focus on what you enjoy most. There definitely are people who prefer a "game made with your heart" rather than the other extreme that is a "technically perfect game" thats for sure.
EDIT: Added some stuff and make things slightly more readable.