A reloading setup doesn't have to cost much. I use a Lee Hand Press.
Primers are $28.
Powder is $21, makes about 500 rounds (or thereabouts).
Brass is free.
Bullets are ~$70/1k.
Too lazy to do the math, but it sure isn't $270/1k.
$0.14 per round or $140/1000. This is assuming that you get 1000 primers for $28. If it's 500 for $28 then it comes out to $0.168 ($0.17) per round or $168/1000.
Reloading is definately the cheapest route, if you have the time...
If not, then usually mil-surp ammo is the cheapest "loaded" ammo...