For me that's a hard no. It's not just what it costs compared to other things you HAVE to deal with in life. To me, its about what you're getting for you money, what kind of real value it offers. In today's world where consoles are basically just PCs in a box, this is more important than ever.
If most of the games are released at the same time on console and PC and I have a PC that's already more powerful than the new consoles are, why rush out and buy one? The answer will be what exclusive games are offered. On this front, I'm interested in the PS5, of course, but I don't think I would spend more than $300-$350 on it, so I'm definitely out at launch. I waited for PS4 until I could get a pro with extras at $350. My backlog is already huge, so I can wait.
In the end, I'll get a PS5 eventually, but at $500 it would be a hard pass.