For me, cost is very high on the list. I combine cost factor with value (perceived value), companions, timing in year (which for northerners has an element of skill or playing ability), and my age or level of resigned satisfaction with status quo.
To explain: Everyone knows and has their own tolerance for cost. Cost to me must be what I perceive as value. I flat out will not pay Kohler fees, Pebble fees, Shadow Creek fees, etc. (no matter how wealthy I could become on the fate of chance lottery winner or something like that). Yet, I will pay in the range of $1000 for the whole ball of wax trip like to Dixie Cup where that includes RT air, motel, rounds and of course F&B. But, when I get there, I still want "golf value". Dixie Cups and a couple King's Putters I've been to were in that category, where the golf was definitely a value like Barona, Rustic, Cuscowilla w/room included, Tour d'Strantz, etc. And that is because we had great people on the ground that scouted out a great value for the participants. So, that is what I mean by value related to cost. It is a sliding scale.
Now, by value and age and skill level, companionship, and timing, I just passed up rounds of $200 + caddie and tip at a place I very much wanted to play (Bandon Resorts) on our recent trip to the Pac Norwest. I'm not about to pay that kind of ping for a round at this point in the year, would have had to play alone, where I most definitely wouldn't break 90 and probably not 100, nor did the whole idea of $200 sit well with me in the first place. I tried to walk up at twilight for a price break, and all three courses were open at that point, but no dice. So, I moved on... Same trip - I played with an esteemed GCAer at his very nice CC in Portland and got great value, good company, and didn't feel stung due to lousy skill level, all for a very reasonable guest price.
I pay $1134 for an unlimitted pass here in Green Bay at a darn good golf course. We have great F&B at a very reasonable price. I feel very lucky when I hear others by comparison.
I would most certainly line-up for a membership application at Southern Pines GC Elks club if I were in that area. I would actually put that area high on my retirement area list for such value.
I know exactly where the greatest 8-9 month a year value golf is, but my wife isn't interested to move there. I'd move for the golf! But, that isn't value when you consider the divorce costs and all...
So, to make a longer story shorter, cost and value and perceptions are a very sliding scale... But, just so you guys know where you stand... I like you, but none of you are worth me paying $450 a round to play 18 with you.