As others have explained, there are many variables which help to decide whether it is a good decision for you.
In April 2015 we moved into a 1,000 sq ft plus ranch off the southeast corner of lake Ontario north of Syracuse, NY. Included was a free standing wood stove and a forced air propane furnace.
The house appears to have R -13 insulation. Winters include at least one week of sub-zero nights, often more.
Last year (a fairly mild winter), I burned a little over 10 cords of wood. Wood was $40 a cord cut into blocks needing splitting, or $50 a cord split and delivered. These are fairly cheap prices, even in the Northeast where hardwood is plentiful.
My wife doesn't care that we have a woodpile running the length of the property to season the requisite 6 to 12 months to dry. To some, the sight would be offensive, and a shed would be needed.
Without the propane furnace, we would never be able to leave for an overnight, unless we drained the pipes and winterized the house.
Last year, I kept the house about 70 degrees in rooms immediately adjacent to the stove. This means 90 degrees at the stove and 60 degrees at the furthest point away from the stove. At about 0 degrees outside sustained, I had troubles keeping the inside temperatures consistent with just the wood stove.
The value of drinking a cup of french press and reading the newspaper while watching a fire flicker on a 10 degree day and being toasty: ...
The value of "having" to go out and split wood with a maul when the newborn is fussy: ...
So, basic variables include: insulation of your house, efficiency/size of your stove, back-up source of heat, winter temperatures, access to fuel, storage of fuel, tools/labor to prepare it should you buy uncut/unsplit wood, and then:
As alluded to, the actual act of heating full time with a wood stove requires quite a bit of skill. It is difficult to keep temperatures even in your house, as well as to be able to fill a stove before bed, not let your house get too cold overnight, and then fill it first thing in the morning. Otherwise, plan on filling it when you get up to use the bathroom during the night. If you are young enough to not have to use the bathroom in the middle of the night, don't blink, cause soon you won't be...
For us there is quite a bit of value in heating with wood, among my newborn escape plan, the warmth it provides, the free exercise, and the fact that if we loose power we can still stay warm.
Off to work on firewood,
Futurehermit