Except you definitely make up for it and probably pay more (depending on what hardware cost your comparing to of course) on the consoles. All three consoles have subscription-based services that are more or less required. Some of the controllers for the consoles are as much or more than a keyboard or mouse. You rarely see a price decline of any of the games (especially Nintendo), and certainly nothing as near as what you’ll find on PC.
So consoles are a cheap upfront cost that’s recouped overtime. I’m not saying that consoles are definitely more expensive, but the true cost of ownership is somewhat muddled.