Well the cost of PC gaming would be higher overall compared to all my consoles likely combined, but only because PC is my main platform where I buy the most titles.
Still on a per title basis I spend far less on PC, and that's not just wait months or a year after it releases to get super deep discounts. I haven't spent $60 since 2011, because of sites like GMG that offer discounts on new or pre-ordered games.
Hardware wise there wasn't a huge gap in cost, as I made my last PC last 6 or so years throughout college, and bought mid-range parts around $800 (PS3 cost $600). My new PC is a bit more expensive, just because I had more money to get a gtx 980, but the card is overkill for most games now when a 970 would've been better bang for buck.
At this point with consoles getting beat in multi-platform games by an almost low-end GPU like the gtx 750ti, I could feasibly build a PC for around the price of a console to get similar or better performance.