There are people out there who are willing to pay what a quilt is worth. But it's a niche market. You can't expect to sell your quilts only to your neighbor.
I have an Etsy shop and sell my quilts there. I'm doing pretty good. It's not my only source of income ( have a part time job to give me insurance, retirement plans, etc.) but I pay myself a decent hourly wage. I won't do a quilt for third country wage. It took me 5 years to build my shop. I have tools that help me to lower the labor time (an Accuquilt studio to cut my fabric, a longarm quilting machine) And most of my sale are for custom quilts. People are more willing to pay 10X the price of a manufactured item if they can pick their own colors, fabric, etc.
I agree with someone who said customers want something that look handmade but not homemade. So you have to find just the right level of perfection to create a quilt that will look great without investing too much labor in it.