Here's my quick back-of-the-evelope calculation:
20 batches per year
base grain - $1.20/lb @ 12lbs/batch = $288/year
specialty grain = $40
H2O - $6 maybe 4 times per year = $24
acids/bases/nutrients = $40
finings = $15
hops = $80
bottle caps = $25
bottles = $40
cleaners/sanitizers = $20
subtotal = $572
dry yeast - $2/batch for 8 batches = $16
dry yeast - $4/batch for 8 batches = $32
liquid yeast - $7/batch for 4 batches = $28
yeast subtotal = $76
Yeast as percentage of expenditures = 11%
I suspect my non-yeast expenditures are actually higher than I'm estimating here, making my yeast expense percentage even lower. If I were to reuse yeast and make starters for half my batches, it would take about 10 hours of my time. If I value my time at $3.80/hour, i'd break even. If my free-time is worth more than $3.80/hour (I think it is) then I'd come out behind.
When possible I'll rack a stronger beer onto the yeast cake from a weaker beer, but while I typically only use 5-7 strains, it's not often I want to brew the same yeast back-to-back.
Although, if I value my free-time at >$3.80, I probably spend more money on the AHA forum than on any other expense in my life.