Yes it would be cost effective if you do it right. Because even the store bought so called organic free range is so much and you do not even know if they really are in those term what they say. Most of those think of free range as not in battery cages but in one big room. Not what I call free range. Organic they are feeding organic feed some of which feed manufactures I would not call organic.
Ok now if you do a small flock and build a coop with wood(found for free) maybe have a roo for protection and to renew flock. Then yes it would be most cost effective for one you would KNOW what the chickens are eating and how they are kept. You are not paying for packaging, or the gas to go get them and you can sell the extra eggs if need be. The plessure of watching them alone is worth it, not to mention helping in bug control.
But if you build a coop from new lumber it will not be as cost effective. Even a small coop will run $200 or more. We are building a new coop 8x8 with new wood it will run us just over $300. I have 25 chicks they cost me $68 food so far is $12 they are only 3 weeks. I will have to buy another bag soon so double feed cost. Light for chicks $10 and waterer$7. Bedding for brooder was $18 will double with coop. I need to feed in winter here so that is added also. As you can see this is a hobby and like all hobby what you get out of it in pleasure offsets the cost but does not make you a profit. Now getting one breed and breeding them might help offset costs more but..... not by much.
So I guess it comes down too how much you eat eggs. I can say for me, I say the heck with the cost for I have had home true free range eggs (birds ranged over an acre) and there is such a HUGE differance in taste it is worth it. I love to cook also.
Ok now if you do a small flock and build a coop with wood(found for free) maybe have a roo for protection and to renew flock. Then yes it would be most cost effective for one you would KNOW what the chickens are eating and how they are kept. You are not paying for packaging, or the gas to go get them and you can sell the extra eggs if need be. The plessure of watching them alone is worth it, not to mention helping in bug control.

But if you build a coop from new lumber it will not be as cost effective. Even a small coop will run $200 or more. We are building a new coop 8x8 with new wood it will run us just over $300. I have 25 chicks they cost me $68 food so far is $12 they are only 3 weeks. I will have to buy another bag soon so double feed cost. Light for chicks $10 and waterer$7. Bedding for brooder was $18 will double with coop. I need to feed in winter here so that is added also. As you can see this is a hobby and like all hobby what you get out of it in pleasure offsets the cost but does not make you a profit. Now getting one breed and breeding them might help offset costs more but..... not by much.
So I guess it comes down too how much you eat eggs. I can say for me, I say the heck with the cost for I have had home true free range eggs (birds ranged over an acre) and there is such a HUGE differance in taste it is worth it. I love to cook also.