A common approach to analyzing risk is to multiply the probability of an adverse incident by the severity of the consequences. With the result in mind, mitigation approaches can be evaluated and a rational decision can be made.
If you rent an apartment, you might consider renter's insurance to protect you against property loss from theft or fire. The probability in any given year would be low - let's say 1 in a 100 apartments suffer a loss each year. That would be a probability of 1 percent in any year. If you have $5000 in property that might be lost to theft or fire, you would multiply 1 percent times $5000. That's .01 * 5000 = 50. If the cost of insurance were $50, buying insurance would be a break even decision. If you're just starting out, perhaps you have only $1,000 of stuff. That might explain why so few young people have renter's insurance.
In the case of firearms, the adverse incident under consideration might be something involving the threat of deadly force used against you and your loved ones in a robbery, assault or home invasion. Let's assume the probability is very low: say 1/100 of a percent or .0001. But when you assess the severity of the incident, were it to occur, you have to ask how much your life, or that of your family, is worth to you. Let's be crass and put it at $1,000,000. Multiplying the two gives an incident cost of $100.
I guess for $100 of risk, it's hardly worth buying a weapon.
But what if you place an infinite value on your life and that of your family. Then the incident cost if the calculation is .0001 * infinity. And you might be inclined to pursue a different course.