Is Home Brewing Beer Cheap?

NO. I have researched this heavily. Home brewing beer may be fun and interesting but it is an expensive hobby. It's also a lot of work. I understand the pride in having people over and sharing a cold bottle of your very own unique creation of that sudsy amber joy. But it aint cheap.
As hobbies go, I suppose it's probably reasonable compared to yachting.

The whole concept would probably be more favorably looked at if the beer was tasty. It is usually not.
If a friend offers their home brew - pray it's ice cold.
Here's an external link with an article that says more about this subject.