This is a reprint of an essay I wrote years ago. While the main thrust of this thread was western hunting the reality is many people see hunting in general as being priced out of common man reach, I disagree with that notion however, the worth of a thing can often be measured far beyond the monetary cost. Most recently the discussion wasn't so much about the cost to hunt (west or otherwise) but rather the cost of meat acquired through hunting vs the grocery store, the essay was more geared towards that discussion.
Is Hunting Worth it?
Often the debate has raged over the price of a pound of wild meat vs the  cost of a pound of beef, but there is more to this than simple dollars  per pound and that 'more to it' is hard to articulate.
Some ground rules so we're not over complicating it;
We'll assume that due to National Forests, State Land, family land etc   that the average Nimrod (that's an endearing term not an insult) has   access to ground to hunt without paying through the nose.
Not assuming a vehicle cost because you need one of these for work, and  or to get to the grocery store. If you're public transportation enslaved  you're not likely in the argument anyway.
The common argument goes like this;
Rifle =$XX
Ammo = $XX
License =$XX
Hunting Gear=$XX
Gas to get to hunting ground =$XX
VS
Gas to grocery store =$XX
Cost of meat =$XX
At first blush is appears a no brainer, grocer meat is the cheap!
Not so fast. If you're a hunter starting green and have no rifle, no  ammo, no hunting gear (more on this in a minute) then yes, your first  year out you're invested with little return expected.
Year two, you're not purchasing a gun, and if you purchased hunting gear  with some actual forethought on durability and practicality you're not  buying any more of that either. So gas and license, and ammo.
The common argument at this point turns to success rates and whether or  not our Nimrod is successful. Depending on the state success rates, a  2006 survey conducted by the U.S. Fish and Wildlife Service found that  only about 50 percent of the deer hunters across  the country killed one  or more deer in a season. The average deer hunters take an animal every  other year.  The average, yet I say what one man can do then so too can another. In  the past 37 years I've put at least one deer in the freezer every year,  more often than not it was two, in many cases three. I do work full time  and most of those years saw deer taken on public not private or leased  land.
Hunting Gear doesn't have to be mad expensive. When I was young I didn't  know what 'hunting gear' even was. I wore jeans, a carhartt jacket, my  grandfather's thuty-thuty and a pocket full of green tainted brass  shells of god only knows what origin and age. In my other pocket was  usually found an apple and a PBJ sandwich. The boots on my feet were the  same ones I wore for work. Essentially my initial investment was the  cost of the license and the calories spent walking. Even then I killed  my deer every year.
Many years later I found out what 'hunting gear' was and was fooled for a  few years by the 'gotta have this' well I outgrew that. Now I do buy  'hunting gear' typically high end clothing that is well made and I use  it year round for I am not a seasonal hunter. I've learned that there is  much more to learn about the woods and the animals I hunt in the off  season as much as there is in the 'in season' and thus I wear these  clothes the year round in the woods. You do not need to buy the whizbang  to be a hunter.
So let's say by year three you're getting dialed in and can put a deer a  year in the freezer. In my neck of the woods the average dressed weight  is about 75 pounds, sometimes more, a doe a few years ago netted me 90  pounds of meat for example. I do my own butcher work so there was no  cost here save in vacuum sealing bags.
So in year three you've connected and you've spent $$ on all of the  aforementioned items, some of which are one time buys. The common  thinker now divides the pounds of meat yielded by the total expenditure.
Now let's talk about the 'more to it' that no one ever seems to calculate.
What did you learn? Education costs money and time, that's a given. So,  in the three years what did you learn and what was it worth? Learning  the woods, was that valuable? Learning animal habits and ways, was that  valuable? Is what you learned transferable to other endeavors? As an  example, did you learn to read a map of an area, to determine where best  to hunt? Did you plan a hunt based on that terrain? Did you come to  understand weather patterns? What was all this education worth? Put a  number to it and subtract it from your investment costs because you  won't unlearn it, you get to keep it, forever.
What did you experience? Experiences cost money and time, this is also a  fact. Was the experience over the three years enjoyable to you? Think  hard about cost of experiences because they're hidden throughout our  lives. What do you pay for them? What was your three years of hunting  worth? Keep in mind that time spent in the woods hunting is time NOT  spent shopping, spending money, or getting fat on the couch. In fact,  you're in the field pumping lungs, walking off the chips and soda,  driving your sense and getting healthier! What's that worth? Subtract  that number from your investment.
What did you gain beyond education, experience, and physical meat?  What's in the quality of meat? Three ounces of lean beef contain, 247  calories and 15 grams of total  fat. Three ounces of venison contain 134  calories and only 3 grams of  total fat. Venison has more protein: 26  grams to  23 grams in beef. Venison also has more vitamins and minerals  per serving than beef  does. It has advantages in iron, vitamin B6,  niacin, and riboflavin. Do a google search for health benefits of wild  game, do due diligence in your research. I think you'll find the meat  quality is superior to anything you find wrapped in cellophane. What's  that worth? Decide on a figure, subtract it from your investment.
Further, who made it a rule that this debate is only associated with  venison? It is highly common for me to take other animals during hunting  season as there are usually a slew of other critters in season during  that time. Take grouse for example, every year I take a goodly amount,  enough so that we've not bought chicken for meals in years. Add to this  what I take through trapping, if you've not had coon you owe it to  yourself to try. Properly cooked it's fine eating. These things add to  to the total in 'pounds of meat' taken. What is this worth, the quality  of the meat, the additional meat types?  Subtract that from your  investment.
As Horace Kephart said, 'There is no graduation day in the  school of  the woods', similarly with hunting, there is no end to the  education,  to the experience, to the enjoyment, to the health benefits.  They are  value adds for as long as you hunt.
Lastly and likely the single most difficult to determine a dollar figure  for. What is the worth of being within the circle and cycle of life as a  active participant rather than an observer? To 'make meat' by one's own  wit and will, sinew and skill? It is an achievement and to do it  consistently is a series of milestone sets that builds much more than a  collection of horns on the wall. My hand did this thing that feeds me  and mine the most healthy meat available. My hand put protein forth that  went on to fuel the building of young minds and hearts, mental and  spiritual nourishment, can you find that beneath the florescent lights  wrapped in cellophane? 
Do you remember your last trip to the grocery store to buy meat? Was it a  rewarding memory set to last a lifetime? Will you tell the tale at the  dinner table, of how you stalked the shopping cart? How you chased  through the dangerous herds of starving wildebeest charging the free  sample lady at the CostCo? Is it something that in your twilight years  you will think back upon, a warmth in your chest of a younger man, the  hair standing on your arms, recall the stinging November breeze on your  cheeks as you brought rifle to bear. Will you recall the warm blood on  your hands as you cleaned the animal? Will you remember the smell of the  earth, of life, of death, all the cycles and that you were a part of  it? 
What is this worth?