It's been a long time coming, but Microsoft has officially announced the price for its next-gen console, the Xbox Series X. After leaks regarding the Xbox Series S, the company officially announced pricing and specs yesterday. So it was only a matter of time before details on the Xbox Series X arrived.

The Xbox Series X is Microsoft's primary next-gen console, although the Series S is an all-digital option that costs a fraction of the price. While the Xbox Series S's newly-announced price will undoubtedly appeal to more thrifty gamers and those who want to primarily stream their games, the Xbox Series X is still the biggest draw to Microsoft's next-gen plans.

Related: Xbox Series S Is Microsoft's Worst-Kept Next-Gen Secret

For a while now, rumors have suggested the Xbox Series X could cost anywhere between $400 and $600, with some people speculating prices would be even higher. The low price of the Xbox Series S, which is $299.99, shocked some people yesterday. It also led to speculation that the Series X would be priced lower than expected as well. Now, thanks to official confirmation from Microsoft on social media, players now know the exact price of the Xbox Series X.

What The Cost Of The Xbox Series X Is

Xbox buy when

According to Microsoft, the cost of the Xbox Series X will be $499.99 US (£449 in the UK and $599.99 in Canada). That's a lower price than some people expected, and it puts it at the same original price of the Xbox One. That means Xbox fans are getting a next-gen console at a current-gen price. It's a somewhat surprising move, and it will add to the pressure Sony is facing with its PS5 pricing whenever the company makes an official announcement.

Based off the pricing of both the Xbox Series S and Xbox Series X, it's a good time to be a fan of Microsoft's consoles. Although the Series X and Series S are still launching without exclusives, the lower price incentivizes purchases. It could be a great plan for Microsoft, who could sell more consoles if they really undercut Sony's PS5 on price. Although, until the PS5 gets an official price, consumers won't really know.

Overall, it's an exciting week for Xbox fans. The Xbox Series X seems like a reasonable deal at $499.99, and the Series S is there for only $299.99 for people looking for an all-digital option. The Xbox Series X and Series S both arrive on November 10th, with pre-orders starting on September 22nd.

Next: Xbox Series S Storage Is Way Too Small For An All-Digital Console