This study compares the developmental, production, and maintenance costs (DPM) of twostage- to-orbit (TSTO) expendable (ELV), hybrid (HLV), and reusable (RLV) launch systems. This comparison was accomplished using top level mass and cost estimating relations (MERs, CERs). Mass estimating relationships were correlated to existing launch system data and ongoing launch system studies. Cost estimating relations were derived from Dr. Dietrich Koelle's 'Handbook of Cost Engineering for Space Transportation Systems'. Hybrid launch vehicles appear to be preferable if current or modest increases in launch rates are projected while reusable launch vehicles appear preferable for large projected increases in launch rates.