So recently we got statement from SONY that they are willing to focus on hardcore gaming, it means PS5 will be targeted for gamers that concern about graphic, specifict games  and specs. From this statement alone it's guaranteed PS5 spec will be far more expensive compared to PS4 spec originally when it was released in 2013. And what make it worse the price of 7nm chip is still very expensive that they are purposely delayed and trying to wait for the chip to be mature , well optimize and waiting for the price to down a little bit.

On top of that  we just got news on how Sony warn their customer that they will increase their hardware price for PS5/future hardware, thanks to US tarif. https://www.tweaktown.com/news/66827/sony-raise-ps5-cost-thanks-tariffs/index.html

Also the price of RAM probably will increase thanks to Japan and South Koreans dispute and how japan decrease their export of type of chemical and material that used by South koreans to make RAM and silicon.https://www.cnbc.com/2019/08/01/japan-south-korea-dispute-memory-chip-prices-could-rise.html

After that you also need to count for price inflation in US. For information and comparison, if we use PS4 price from 2013 (399 USD )and calculate into today price 399 USD is equal to 438 USD. (courtesy of https://www.usinflationcalculator.com/)

so in short:

1.PS5 are aimed for hardcore gamers that concern about specs/ graphic

2.PS5 Navi and Zen 3 7nm chip is very expensive and the inclusion of SSD and hardware raytracing even make PS5 is more premium.

3.Japan and South Korea disputes making RAM/ chip price increase.

4. US tariffs for product that made in China

5.Inflation  

From all this data i gathered i made conclusion that PS5 price or even Scarlet probably going to be price around 499 - 549 USD. It looks expensive, but if you compared  to today price inflation that price is still considered cheap (599 USD PS3 if we use inflation calculator is around 740 USD in 2020 )

That's why Switch price 299 USD is look fine and normal for me, I believe if nintendo releasing Switch pro it will have 399 USD price range. So having PS5 price around 499 USD is pretty normal for today standard.

I believe not only console price that will increase but the price of GPU, CPU, RAM etc  for PC.  Mobile phones , TV and other electronic gadget will increase on wards. 

So what do you think , are u guys ready for this price , are you willing to pay? 

Not really until we see some price cuts.

Hopefully Nintendo will keep prices down, but inflation is eventually going to force Nintendo to sell whatever equivalent of the Switch there is by then at $400-500 at some point.

I can't see paying $500, just too high. I would probably stick with the Switch and wait for a price cut.  $500 would be a mistake, IMHO.  It is outside the comfort zone for most.  Frankly I disagree with the OP.  I don't see anything about $400 and I predict the ps5 will be $350.  

If it warrants the price, then I'll buy one.

I'd have no problem paying $500 for a PS5.

Six years in and consoles this generation are priced $299, people are bonkers thinking next-gen consoles aren't going to be more expensive (and worse, have less pricecuts during their lifetimes) with these manufacturing costs.

I suppose the most accurate option available in the poll for me would be "I don't care about price", even though I don't necessarily agree with that statement either. But "sell a kidney", "life must go on", and "time to quit gaming" all imply that a $499 or $549 price tag is just absurdly expensive, and that's also not true to me. In my opinion, $499 is what Im hoping the consoles cost, as I want them to be more powerful.

People will complain about console prices being too high, but then will spend a few thousand to go on vacation for 1 week. Consoles give you plenty of bang for the buck, no matter the price.

$500 is looking more likely now than $400, but I seriously doubt they'd go any higher.

I expect $500, and for a system with a ~ 7 year lifespan and a more robust upgrade I´m personally ok with $100 more than 'expected'.