In Australia it doesn’t work out any cheaper to self-host, hence I’m biased.

You can get a 160GB ssd server from Linode for $45 with off-server backups with 40GBps/5000MBps/5TB transfer. That’s likely to handle about 30-50 online users. To be able to handle 30-50 online users self hosted and have backups in place you’d need to allocate a machine with 160GB SSD, permanently connected with at least 100Mbps uplink and unlimited bandwidth. Here in Au we have horrible situation with ISPs, so something like that would cost at least $100/mo. The server may be just $200-$300 to buy, plus energy cost, failover and backups - maybe $500 outright and it‘Lo last a few years. You may or may not be able to use your own computer for this - depends on whether you are OK with the site slowing down when you use photoshop. Also, here the internet is often congested around peak hours (Netflix hour) - may be an issue in your case as well.

So, all that overhead adds up and at least from here I couldn’t ever see self-hosting as a viable option. Its likely to be very different in other countries or in situations where webmaster already has multiple machines, backup storage and unlimited internet with good link anyhow.