One thing is becoming clear to me. Authors and editors have been mistakenly pitted against each other by a self-publishing system that is not currently working. Remember in the scheme of things that self-pub is very new, only a few years old. Twenty years ago, publishers put out a selection of the best and most marketable books. Editors were well-educated and got paid a fair wage. Authors received advances and royalties.

I say “most of your desired criteria” because it’s rare to find an editor who will meet all your criteria. For instance, you may have to pay a few hundred to a few thousand dollars more for your top pick. Or, you may find someone at your precise price point, but their experience isn’t quite what you’d like it to be. You must be the one to assess what trade-offs you’re willing to make.
We may be talking about different services. I’m referring to a full read that usually creates a 5-10 page edit letter–no in-line editing. Or, perhaps we’re just working in different corners of the market. I’m around those who are freelance editing pre-query for writers hoping to traditionally publish their genre fiction, not the kind of rigorous editing a self publishing author would need, which should rightfully be much more expensive! It’s true that most people doing freelance editing at the lower rate/rigor aren’t doing it full time. It’s an optional step for those traditionally publishing, and the prices reflect maintaining access for those writers, I believe.
2. Copyeditors aren’t the last line of defense when it comes to a book’s mistakes. Formatting, which is done after an editor has done their job, can lead to unintended errors being introduced into the text. That’s why it’s important to hire proofreaders to comb through edited text *after* the book has been formatted for print or digital. Proofreaders are your last line of defense—but they’re human too.