That’s the Hobby part of it, your time. But if your look at costs for ingredients, it is much cheaper than commercial. Also it depends what your time is worth. My guess is you’re expensive.
Including cost of a kit beer at $23+$4 for yeast, cheaper if you buy bulk grains.
Your time, estimated at $15 per hour. $60 for 4 hrs
Things you need every time: IE bottle caps, DME for bottling, etc… ~$5 estimated (Probable less)
Equipment, which has depreciation and capitol cost, but judging on craigslist you can get about %80-%90 of your initial investment (depending on age and type). There is not much invested on a basic all grain system. So we will say $2 per batch.
So assuming we are making a good batch which is possible to do every time, we are at about $34 per batch, yielding a conservative estimate of 4.5 gallons (48 12oz beers) we are coming in at about 71c per beer. If we add time on top of that (which is variable) we conclude $94 per batch, yielding $1.95 per beer.
Still comparable to a good beer from the liquor store. With $10 per 6 pack, or $1.67 per beer. The idea of Homebrewing being more expensive is false. Unless you’re a master brewer making 62k a year, but then you would be making more than 5 gallons.
Using initial estimates to buy water and treatment for it at ~4.50 per batch you are adding about 10c per beer. This is an increase of 14% per beer and 5% per beer if your paying yourself.
Perhaps it depends a lot on what type of water you have-- you cant make a drinkable beer from your own water source. But then you probably don’t like drinking the water itself. I think that adjusting water chemistry and buying water should be saved for a time where your fine tuning your taste rather than as a substitute to blame a bad batch on before checking with other variables.
So if you’re making the same beer all the time, go ahead and make some adjustments to the chemistry, but if you’re going to do it, do it right. Don’t just say, “Well yeast likes calcium, and my water might be low on calcium, lets just toss 5 grams in.” Find out the values in the water you use, and adjust accordingly. You will quickly realize that it will take a lot more work than really worth. Be sure to pay yourself for doing the calculations too!
I have yet to see someone in my area make a bad beer from their tap that wasn’t due to some other mistake in the process or ingredients. But then again, we are all probably drinking the same water.