Running is expensive? Ha, that's funny. If y'all really think that I can only guess you've never done another sport seriously. I don't think it's appropriate to factor in travel and diet, or PT sessions, as those are mostly up to each athlete and can be astronomical in any sport if people go crazy.
CYCLING: $6000 - $11000/year
(The figures below are very much middle of the road. Figure that'll go down to about $6000 per year once that initial bike is bought and selling it can be rolled into partially offset any new bike cost.)
$3000 - Bike
$1000 - Powermeter
$1000 - Race Wheels
$0300 - Shoes
$1000 - 5 Kits (jersey/bibs)
$0500 - Tools and a bike stand
$0200 - Cheap stationary trainer
$0200 - Helmet
$0200 - Recurring Monthly Cost (bike/gear maintenance)
$0100 - Race entry fees (3 per month)
$0200 - Physical Therapy tools used by self
$XXXX - About 25 hours per week time investment
Running: $3000/year
$0600 - New training shoes every other month
$0200 - Two pair of race shoes per year
$0400 - 13 pairs of running shorts (double M-S, single Sun)
$0300 - 13 sleeveless tech shirts/singlets
$0100 - 1 year supply of super thin running socks
$0100 - Race entry fees (3 per month)
$0200 - Physical Therapy tools used by self
$XXXX - About 15 hours per week time investment
Running is exceptionally inexpensive compared to any other sport out there. Every other sport uses what runners use for equipment just to start with. The exception being swimming maybe since they aren't using shoes, but that sport is also more expensive than running.