It's under $3 here in L.A. -- which IS a bit pricey if you ask me. I guess the wonder of Spam is that it can be added to just about anything else cheap, and "kick it up a notch" by adding "meat" to the dish (and you don't even have to add extra spices or whatever).
Spam & eggs is another option, Peaches.
I'll bet if you did a search for "Depression dishes," you'd find a whole bunch of Spam recipes. My mom was famous for two such dishes: "S.O.S. (Shit on a Shingle)," which is ground beef in white sauce on toast; and "Deviled Toast," which is nothing more than canned tomatoes over toast.