Is it Cheaper to Hunt, or Just Buy the Meat?

I grew up with my dad and brothers all hunting. It's a common way of life in Pike County. Kids still get the first day of hunting season off from school.

That being said, a lot goes into hunting that costs money, and I was asked the other day if it isn't cheaper to just buy the meat. It certainly is easier. So, I'm going to compare.

The average American eats 200 pounds of meat per year.

The grocery side is easy to tally, if the average for a pound of meat is $3.50, then, on average, it costs $700 a year.

The total to hunt 200 pounds of meat is more complicated. Let's say you need one deer, and one bear to get that much meat. Although it depends on who's butchering, and what parts you deem edible. That should yield more than enough to feed one person for a year.

First you need a hunting license. A more detailed list can be found here, but for me, it would be $20.70.
You also need a bear tag. $16.70
Let's say you buy a hunting rifle. That would probably cost $500, but it would last 20-100 years, so I'll divide that by 20. So, $25-$5
You also need hunting clothes, which would cost $200, and last at least 5-20 years, so I'll divide it accordingly. $40-$10
Maybe you buy a tree stand.$200, or you could build one with wood scraps for free, so this isn't going in the total.
If you buy deer calls, and doe urine. That'll cost $20.

Grand Total for a year of meat: $72.40
Initial investment: $757.40

I'd have to say it is cheaper to go hunt the meat yourself, by quite a bit.

Of course, this summary is lacking the cost of time it takes to hunt, and butcher. What do you think? Is it cheaper to hunt?