11 Sleeper Sofas Under $500 We Love

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!

Leave it to Better Homes & Gardens to create a gorgeous sleeper sofa at a stellar price. The Porter futon takes inspiration from mid-century modern design with its tufted back and curved armrests. It also offers function with its split convertible back, allowing you to recline one or both sides at a time.

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. Small space dwellers who love an eclectic boho look, this one’s for you.

This multifunctional sleeper sofa is a must-have if you want to maximize your space. It offers plenty of seating with its L-shaped design, and it even converts into a sleeper with a pull-out trundle underneath. The chaise portion opens up for extra storage, so it’s essentially a three in one — a sofa, guest bed, and storage solution!

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?

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.

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.

Another chic faux leather find, this sofa seats three but folds out into a twin-sized bed. The warm brown sofa features a chic tufted back and flared legs, while there is ample storage space to be found under the spacious seat.

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.

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!

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.