There is still so much that we don't know about PlayStation 5, like which games we will be playing at launch, the console launch date, or even how the console itself looks. We know a bit more about Xbox Series X, but there are fairly big blanks there as well.
True Achievements did an interview with market research company Omdia's senior analyst, Steven Bailey, who specialises in video games. The main topic was when the consoles will be released and their price tag, to which Bailey said:
"Prices for both machines were obviously already lurking in the $400 - $500 region, and $500, in particular, is such a major psychological hurdle that I think we'll see manufacturers absorb any extra costs rather than risk crossing that. Getting people onto the platform matters more than making them spend in the short-term. It's their long-term custom that makes money."
Bailey also seems to be a firm believer that Microsoft and Sony might release more consoles in the future to have alternatives in different price ranges:
"Consoles are often available as part of a range, so if the $500 edition is out of your reach, there will likely be a simple/slimmer SKU on offer. Streaming and digital-only variants mean we can expect much bigger gaps between the most and least expensive versions in the coming hardware gen, although not immediately."
Microsoft is frequently rumoured to have a cheaper version of the next Xbox, codenamed Lockhart, ready to release alongside the Xbox Series X, however, so far nothing has been confirmed. There have previously been rumours regarding Sony taking a similar approach.