Oh Eddie, if it were only that simple.
It may be simpler than you think.
I live in Mass and we can't buy ammo through the mail or over the Internet. If I want something that is not carried by Walmart, I have to go to a gun shop. For example, if I want anything other than 230gr FMJ for my .45's, I'll pay about $16-$18 per box. Since I shoot a lot of 10mm, I often have to have a gun shop order me ammo. I'm not complaining - I choose to live here for a lot of reasons (cheap ammo ain't one of 'em) and I've found a way around it by reloading.
You are right in that if one were to figure ones hourly wage into the cost of home-made ammo, you'd have to load nothing but S&W 500, 45-120, or .50 BMG to recoup the cost. I happen to enjoy reloading so I don't don't consider it lost income. That's like thinking about how much money you're losing when you're playing with your kids, shooting at the range, or making love to your wife/girlfriend. If you enjoy doing something, you turn the adding machine off.
As far as the cost of the equipment goes, I bet I have about $700 into my reloading hobby (since Christmas). I buy my dies and bullets on eBay. I reload the following calibers (highest qty at the top):
.45 ACP
.38 Special
10mm
.44 Special
.32 ACP
32 H&R Mag
.30 Carbine
.380
The first week I had the press, I loaded 1500 rounds of 10mm, 500 rounds of .44 Special, and 500 rounds of .32 H&R Mag. I can reload ammo for between $0.06 and $0.10 per round. Based on local prices I figure I
saved $350 on the 10mm, $175 on the .44 Special, & $150 on the .32 H&R Mag for a grand total savings of $675. I virtually paid for my equipment the 1st week that I used it. Technically, I haven't realized that savings because I have yet to shoot all of the ammo that I made that week.
I will admit that it is impractical to load 9mm when I can go to Dick's and get good ammo for under $6 per box of 50. It's also barely practical to load .45 ACP practice ammo. However this batch was loaded out of necessity - my brother and I sometimes shoot at an indoor "lead-only" range and it's difficult to find unjacketed .45 around here.
P.S. - It's not all that time consuming. With the progressive press, I can load about 300 rounds per hour with my son helping me.