This paper deals with an economic evaluation of hydrogen production by fermentation. We evaluate the economic feasibility of domestic hydrogen production by fermentation utilizing glucose and waste water sludge in terms of hydrogen production prices. In addition, we make some sensitivity analysis of hydrogen prices by changing the values of input factors such as the price of glucose, the capital cost of the hydrogen production system, and the hydrogen production yields. The estimated hydrogen prices of the two-step dark-light hydrogen production by fermentation utilizing glucose was $5,347won/kgH_2$, and the single-step hydrogen production by anaerobic fermentation utilizing waste water sludge was $4,255won/kgH_2$, respectively. It is expected that the hydrogen production price by anaerobic fermentation can be reduced if we produce methane or hydrogen utilizing by-products such as alcohols and organic acids, or the government imposes some legal regulations on the treatment of waste water sludge.