According to the predictions of industry analyst Michael Pachter, the two systems will avoid the half-a-grand price tag. Pachter believes the specs of the systems suggest they will cost $500, but he thinks both Sony and Microsoft are ready to eat those costs up front in order to push units.
“The specs suggest $500 or so,” said Pachter to GamingBolt when asked what he thinks the PS5 and next Xbox will cost, “but my bias is that Microsoft will announce $399 and Sony will follow suit.”
As you may know, this lines up with a prediction of another industry analyst, Pelham Smithers, from earlier this year, who claimed the PS5 will cost $400. That said, there's multiple rumors suggesting the PS5 is more powerful than the Xbox Scarlett, which begs the question: will it cost more? Maybe, but it's important to remember the PS4 was more powerful than the Xbox One, but still $100 cheaper at launch. While I don't think Microsoft will get burned on price again, Sony is no stranger to eating costs at launch in favor of a more appealing price-point.
There's been some speculation that the two systems could come in at $600 or higher, but I don't see that happening. Optically, coming in at more than $500 is a terrible idea, especially in a market that's not exactly yearning for the next round of consoles. People still seem very content with their PS4s and Xbox Ones.
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Source: https://comicbook.com/gaming/2019/06/14/ps5-playstation-xbox-scarlett-price/
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