...Yeah because that PC your building is worth 5 consoles....
It's possible to build a console equivalent for about $500 (not including display, but consoles don't come with displays either). You can even go small form factor and put it right in your living room entertainment system. Here, I have come up with a few builds.
Both have an Intel i3-6100, a GTX 950, On-board wifi, 8GB of memory (upgradable to 16 with another stick), and a 640GB HDD. They are both small form factor and should take up a space slightly larger than an Xbox One.
This one I like the case more, it does not include a drive bay (because I think they are mostly obsolete): http://pcpartpicker.com/list/6LnW4C
This one has a blu-ray drive because I know some people have movie collections and stuff like that: http://pcpartpicker.com/list/TmhRvV
In either case I would recommend going to an SSD (or adding one), however I did not include one since consoles don't come with them anyway (and I wanted to keep costs down while including at least 500GB of storage). And you can always go with a beefier video card (up to a small 1060 GTX would fit in these cases and should also be within the power limits of the included PSU's).
I believe that both of these PCs would perform similarly to a PS4 (and far surpass it if you want to spend a little more on the video card).
And yes you can even hook up many PS3/4 controllers wirelessly via blue tooth if you buy a cheap adapter.
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