PC gaming's cost is all relative to the demands and situation of the gamer. If you're a casual gamer who only plays the big budget AAA games and occasional smaller games, then PC gaming is actually going to be more expensive than console gaming. The machine is going to cost more and odds are good you don't already have a monitor, keyboard, mouse, or an OS laying around.
If you're a gamer who is obsessed with having the most powerful components, PC gaming is extremely expensive. It's also the only platform you can have the most powerful hardware so you have no choice.
If you're a gamer who likes to have the higher end equipment, but also plays a large variety of games, long-term costs of PC gaming drop under console gaming. You can buy larger volumes of cheaper games and you don't have to rebuy stuff like a good case, monitor, keyboard, mouse, or OS. The longer you game on a PC, the cheaper it is.
If you're on a budget PC gaming is cheaper too. Budget gamers rarely buy the latest and greatest games so their PC can be a bit underpowered. Buying heaps of cheap games on various DD services keeps the backlog long and varied for cheap.
I end up spending more on PC gaming than console gaming but I get way more out of my PC. More games, better hardware, way more controller inputs (HOTAS, TrackIR), and long lasting communities of gamers I've know for years. I don't mind upgrading my GPU every 2 years either. It's not necessary but I like having powerful stuff.
Between my PS4 and Xbox One I spend probably less on console gaming than I do on my PC, and that includes PSN and XBL yearly subscription.
PC gaming is easily the best value for your dollar though. You may not spend less dollar wise on your PC, but you're going to get way more out of each dollar.
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