The cost would be enormous. Much of what's consumed on the Mars settlement would have to be imported from another planet (Earth). During the early expansion phase the need for imported construction material would be exorbitant. We're talking a constant flow of goods being launched from Earth to sustain construction. And expansion and sustainance would be very capital intensive, due to a lack of a breathable atmospher…
As for costs, dropping them is precisely the goal SpaceX is based around. The BFR isn't just meant to enable transport of people - it also aims at being able to move a lot of mass to Mars for cheap.