Yes. there is a stack of six, soon to be seven, servers in my basement that connect to the greater world through a fiber network connection. While this does mean that I am more likely to have downtime than cloud hosting, it is a LOT cheaper as I only pay about 5% in power costs. I do have to manage them myself, but again, thats part of the reason that I do this to being with.
As a side note, the self hosting means that user logins and the like are all stored on site. While I may send backups out to the cloud, they are encrypted and the live data is only ever on site.