I reload 9mm and present it cost me 5 cents for primers, 10 cents for JHP, 4 cents for powder. Brass I pick up at the range so no cost there. $19/100.
I don't count my time as I like reloading and I am shooting accurate JHP ammo.
It matters how much he shoots, how busy he is doing other things.
One thing people do not figure is buying components can be like buying ammo on layaway. I buy primers when I find them cheap, then when I see powder cheap I buy that, then when the funds are back up I buy bullets.
I load in batches of 1000, so that's $190/1000. I believe its worth pulling the handle!
ymmv
YMMV
I cast my own bullets and have several 9 mm's. My bullet cost without the cost of casting equipment is about $30 per thousand, so $0.03 cents each.
At a powder cost of $0.04 and primers # $0.06 that is $0.13 per round or $13 a hundred. At todays prices, if I had to pay for my equipment at age 70 I would never break even. If I was 35 I would pursue it.