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I'll rephrase my original statement: it's no doubt that home brewed beer is less expensive on a per unit basis - I've done detailed economic analysis on brewing based on batch sizes and production rates.
My proposal was that in agregate the amount of money I spend on beer is not less - I just go through a lot more beer these days. There was a time where 5 gallons of beer in bottled case form could last many, many months. Now 5 gallons can go in a couple weeks (or even a single day sometimes) depending on who happens to be in the neighborhood.

I'm actually the opposite: I'm spending less and drinking less. Five gallons lasts me quite a while now and I get to see the different stages of the beer as it ages.
 
I am only a couple batches in and I can definately see some potential to save money, but an even greater potential for it becoming a giant money pit. Luckily my space limitations are going to help keep my equipment investments in check, so I am thinking by the time I graduate college I will have saved a pretty large sum of money.

I think the people who say that you will not save money are the people who are constantly buying new things. Nothing against that, I was very close to buying two kegs the other day despite the fact that I have absolutely no extra space for them.

As of now homebrewing will save me money compared to a ~$10 6 pack
 
My most recent batch cost me $1.12 per bottle. It would be almost half of that but since it is for my wedding I'm buying new bottles that don't have logos molded into the glass. Reusing bottles and kegs turns it into a rather cheap hobby. At this point most of my brewing supplies are over a year old and therefore paid for. On Avg. for this years breing i have been looking at around $0.76 per bottle, I can't find beer that good for that price anywhere in NC or Ohio. Especially since the last four pack i bought was around $14 (I like Dogfish Head beers)

A lot of my brewing equipment can be used for other things if i decide to stop brewing. To me that turns most of the stuff into an investment that can transfer to other uses. I figure my keezer can always be used for kegs whether it's my brew or not, my brew pot can be used for soup, etc.

If I start all grain that my be a different story.
 
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