The initial setup cost of a PC is quite pricey but then you can do a lot more with your PC than you can with your consoles. I spent around 750 euro on mine about 3 years ago and it still has no issue running the latest games smoothly. Plus you have more control over the performance too.

When the new consoles come out there will likely be a bit of expenditure to get a better graphics card but that's about it. Honestly a decent custom built rig designed for what you need it for will last you a good 4-5 years (even longer if you can deal with not having all the settings on max on the latest games) and then the cost of upgrading bits of it on demand is no more expensive than having to buy a replacement console. PC gaming is a lot cheaper and accessible these days compared to what it was as little as 10 years ago.