I ditched the gym membership and I couldn't be happier; however, it is not for everybody. It all depends on many factors, the most important being where you live which will indicate the gym options available for you including hours of operation, membership cost, location and travel to and from, equipment available and environment. Another important factors are how much space you have at home, your dedication to lifting and your budget.
In my case, I prefer to work out in the evening or at night. After about 4 years of slowly start to getting in the habit of working out, I tried pretty much everything. Started out at home just doing exercises without weight and then gradually started using low weight dumbbells. About two years into that, I joined a gym. I had a gym membership that costed my around $27.00/month at the local university (special alumni rate.) Started doing basic exercises with the machines and some with the barbells but I was not aware of the main four lifts: squat, deadlift, shoulder press, bench press. After about a year, I learn the importance of the main lifts and gradually started to learn them and include them in my routine. From there, I started only doing the main lifts. I know I started backwards, as I recommend to any man starting lifting today to learn, master and love the main lifts.
So basically, I am mainly a four lift man; and here and there I do pullups, chinups, and dips. So, I found myself going to the gym and only using the power rack and bench. Travelling to and from the gym I was spending an hour a day, and with only four power racks available at the gym I found myself always waiting anywhere from 15 mins to half an hour. Of course, you talk to the regulars while waiting but still a waste of time for the most part. On top of that, as per new rules, I was going to have to spend $2.00 a day for parking, so 2x4x50; would translate to $400.00 more a year, raising the membership to 27x12 + 400 = $724/year.
I also started a new business and that requires a lot of time and effort, minimum 14 hours days, and there is not better way to wind down than a workout after a long day of sitting at the office.
That is when I started seriously thinking of a home gym. I purchased a rack, a barbell and weight plates. Did not purchase a bench yet. This is the equipment I've got.
Squat rack: $229.99 when I bought it
http://www.amazon.com/Atlas-Power-Squat-...ge_o03_s00
The rack is sturdy and pretty good quality, more than enough for my max of 315 lbs. I put together in less than one hour.
Barbell: $209.00 when I bought it
http://www.wright-equipment.com/20kg-oly...ar-v2.html
SPRING COLLARS: $9.99
Plates:
(2) 2.5 lb. Gray Olympic Plate $2.50/each, 5.00
(2) 5 lb. Gray Olympic Plate $5.00/each 10.00
(4) 10 lb. Gray Olympic Plate $10.00/each 40.00
(2) Wright Crumb Bumper Plate 25lb $33.75/each 67.50
(2) Wright Crumb Bumper Plate 35lb $47.25/each 94.50
(2) Wright Crumb Bumper Plate 45lb $60.75/each 121.50
(2) Wright Crumb Bumper Plate 55lb $74.25/each 148.50
TOTAL $ 705.99 <= plates + barbell
Shipping was $22.53
So basically for under $1,000 you get your own "gym". If following the route I was going, I break even in about one year and a half. I neglected the bench press because I had a really bad bicep tendon injury, so I have been doing low weight, high reps floor press. After eight month, the injure is almost cured, I feel almost no pain now; so time to start thinking of buying a bench; you can find in amazon a decent one for $130.00 or so (
http://www.amazon.com/Universal-5-Positi...ench+press )
The liberty I have to work out when I want is the biggest plus for me. An early day I can work out at 8PM and a late day I can work out at midnight. There is not need to drive, to wait, or even to get dressed; most days I just work out in my underwear and a t-shirt. I would not have it any other way; if it all possible, I would never go back to the gym.
I hope this helps any of you that is thinking of a home gym.