It's quite easy to get a decent micro HP server (even with SSD storage) within $1000, which would cost $150.00 - $300.00 a month for a equivalent plan on Linode. Suppose you upgrade your server every two years, the monthly cost of the server is less than $50. You get dedicated CPU time and I/O, permissions to managing everything.
Internet bandwidth might be a problem. But let's put ourselves in the 2 or 3 years future. What if you already have Gigabit Internet like Google Fiber for $70/mo?
And you get other benefits for owning a server in your house. Since it's connected to your home LAN, it can be used to help build a smart home, control smart sensors/cameras, or serve as a media server.
Am I missing something here?