Very true. Dialing it down even further, a bench and a set of adjustable dumbbells can be had for even cheaper and take up a lot less space. You won't be able to progress as far, particularly with leg exercises, but a small flat bench with dumbbells under it fits in the corner of a room when not in use. The power rack, bench, weights, and barbell may not be too expensive, but the extra room to hold all of them is.

That said, I'm a huge fan of the home workout. There's at least an hour worth of time overhead in going to the gym, and there's mental activation energy too. At home, I can easily start a workout, I never wait for a machine, I change in my bedroom instead of a locker room, I'm using my own shower, and it takes zero time to get there.

Especially for beginners, the downsides of only having dumbbells are dwarfed by the benefits of doing it at home.