As already mentioned above, depends on storage space, time, recipe and equipment. And location of course.
The good thing with ready made kits is that you usually get exact amounts. At least in Sweden it's hard (or even impossible) to order your own recipe and get the exact amounts you need, resulting in that you will end up with a bunch of leftovers that you have paid for. If you can use the leftovers for next brew that's most likely cheaper than the kit. But if you ordered some hop you just wanted to experiment with and not plan to use again it's money down the drain.
I enjoy the process of brewing, usually do it with friends, and time is not an issue (since it's time spent with friends). I also have the possibility of storing ingredients (not a full LHBS at home, but still) and usually buy 55lb sacks of base malts (around $0,6/lb) and fill up a bunch of smaller buckets with specialty malts from my LHBS for cheap. When I create recipes I try to see what hops I have at home, from earlier batches, and only buy more if needed. The only thing I need for a brew day is yeast (if I haven't stored some from before), which i get at the LHBS, and if I would need to top something up.
I always input all numbers into Brewfather to keep track of inventory and prices, and normally end up with $0,3-1/pint (depending on style). A standard/similar DME recipe kit here would start at around $2/pint (shipping not included since I have easy access to a shop).
However, if this was only a matter of price I would not brew at all. The equipment (AIO, fermentation chamber, grain crush, kegs, taps and so on) would make it impossible to break even in any near future. I suspect that's the same with any hobby though. If you calculate price of a boat and fishing rods it's probably a better idea to just go buy the fish in the supermarket instead. And I don't even want to think about the price of the land needed to grow a tomato plant...