Instruction in a 172 is more like $250/hr at the nearest airport to me in Massachusetts, with the plane being at least $200/hr of that. The gotcha is I think they are modern 172s, which are probably more than $500k each to buy at this point.
I took lessons in the early 1990s and it was $125/hr in a 152 which was a much smaller less capable airplane. People are too heavy now, the 152 sized plane is no longer used as much because 2x 200lb adults will put it over it's max takeoff weight if the gas is topped off or something.
Everything about all of it is super wacked. The leaded fuel, the way people cling to old planes cause the new ones are so stratospherically expensive, the ancient technology because the manufacturers need so much money to get anything approved, etc..