10 Sleeper Sofas Under $500 We Love

updated Dec 26, 2023
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Here at Apartment Therapy, we’re all about helping you find the perfect furniture, especially when it comes to sofas. We’ve already covered the best sofas under $500, but did you know that you can also get a nice sleeper sofa for under $500? We know it sounds too good to be true, but it turns out it is true — and you won’t even have to sacrifice on looks, either.

Buying a sofa is a big deal, so we know you want to find the right pick for you. We’ll be honest: These sofas are probably not the best choice for sleeping on every night (for that, you’ll want a chic bed with a proper mattress). However, if you’re someone who has guests often and you want to provide them with something more comfortable than an air mattress to crash on, these are all excellent options. Check out 10 of our favorite stylish sleeper sofas under $500 below that’ll help you create the perfect inviting space for you and your guests.

1 / 10
Amazon
$299.99
was $428.00

This Amazon gem is both affordable and seriously good-looking. The pink hue offers a contemporary pop of color, although the overall look leans more mid-century, thanks to the boxy shape and wood legs. And how nice does that chevron stitching look?

2 / 10
Wayfair
$257.49
was $825.00

We’re big fans of the budget-friendly (yet very stylish) Novogratz line, and this futon is no exception. Between the fun design and unbeatable price at under $400, it’s a winner in our book. Bonus: It comes in seven chic shades, like mustard yellow and burnt orange.

3 / 10
Wayfair
$379.99
was $760.00

This wallet-friendly Wayfair find comes in several different colors and looks more like a traditional sofa than some other sleeper options. The rounded arms and high back give it a cozy feel, so you’ll want to curl up in it by day — and your friends might be surprised to learn that your living room secretly doubles as your guest room by night!

4 / 10
Wayfair
$369.99
was $879.99

This piece from Wayfair (available in a range of fun colors) features a vintage-inspired tufted velvet design and functions so that one side can be lowered at a time, allowing one person to recline "in bed" while another sits up.

5 / 10
Amazon
$434.31

Deep emerald plus velvet equals a winning combo — just think of all of the throw pillow possibilities! In addition to being aesthetically pleasing, this sofa is also a favorite thanks to its plush fabric and adjustable design.

6 / 10
PB Teen
$499.00

If you prefer the look of a boxy sofa with clean lines, this option may strike your fancy. Available in seven different colors, ranging from neutral to bright and cheery, this PBTeen piece is fun, yet functional, and a total classic.

7 / 10
Walmart
$425.26

This chic leather piece is a Walmart bestseller, and it’s a fantastic option if you want a convertible sofa that’s made of leather and doesn’t break the bank. If you have a small space and love an eclectic boho look, this one’s for you.

8 / 10
Bed Bath & Beyond
$361.24
was $425.68

This modern velvet sofa is another one of our favorites (and it comes with pillows!). In general, compact picks like this one are ideal for small spaces thanks to their petite footprint. Place one of these in a bedroom, home office, sunroom, you name it!

9 / 10
Amazon
$349.99
was $369.99

Whether you're diving into a good book, catching up on sleep, or just lazing around in your robe, this loveseat has got your back. By day, it's a cozy velvet couch, but when you're ready to unwind, it effortlessly transforms into a comfy futon for you or your guests. Plus, the adjustable headrest lets you find your sweet spot with three different positions.

10 / 10
Walmart
$245.51

This contemporary futon from Walmart is a simple and straightforward pick. Upholstered in black faux leather (and available in seven other color options), it offers a sleek and elegant look while remaining practical.