Now I separately address the cost of hardware:
My oldest has a hexacore with 8Gb of RAM and a TB HDD and it only cost $350 shipped
Or $1,400 plus monitors plus OS plus furniture for four players.
you have a system that will play console games going back to the Atari 2600
Good luck dumping your authentic game cartridges to create the ROM files you need to play your console games. Last time I checked, Retrode was discontinued indefinitely.
and of course web, video, hell you can even get your work done on it
As for work or other non-gaming uses of a PC, console gaming families are apparently happy with just taking turns on the family PC, possibly adding a tablet or low-end laptop to the mix.
Had a friend that wanted to get into PC gaming but money was tight, found him a nice C2Q system [on a classified ad website] with 19 LCD and KM for just $130
I know some people who are afraid of buying things through classified advertising, given news reports of pickup encounters that have turned violent. And how much for furniture? A console uses your existing living room TV, while each gaming PC generally needs its own dedicated desk.