Pooches: Is Dog Ownership Exclusive?

I remember back when I was looking to adopt, I read a couple of articles saying that it would cost approximately $1500 per year to own a dog. Which is a lot of money.
At the same time, with unexpected ailments, a higher quality diet, and our habit we have found it can cost significantly more.
While I know we could limit some of our own expenses, this made me start thinking about whether pet ownership really is available for all.
I was recently working with one of my high school students who is set to graduate. He needed to find his own place to live, but he has a good job and he's been working really hard and he is very responsible. He was part of my high school dog club and he is always proactive asking how he can best care the family dog: working on chewing behavior, going for walks, and giving nail trimmings. He  was just given a puppy and he's so proud of his dog and he's been dedicated to make sure he is doing everything right. He recently approached me because he was concerned about being able to afford shots and vaccinations. Which we all know can be really expensive for puppies. We talked about a low-cost shot clinic and spay/neuter, but I know it doesn't end there.
Beyond this, I know vet visits are very expensive in the city; it's usually $50+ just for an exam, and I don't think I've ever left a visit paying under $150. Not to mention heartworm preventatives and flea and tick.
I have another student who told me their dog has been sick but their dad is hoping to save up enough money to take it to the vet to see what is wrong.
Which makes me wonder how much finances dictate families being able to own and love a pet. 

If you don't have extra money, isn't it good enough to just do your best and love your pet as much as you can? 

And what would you recommend as the most important, non-negotiable ways to spend your money--if you don't have a lot--to make sure your dog does have a happy, high-quality life?
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