Five hundred dollars is the most interesting budget in this category, because it is exactly where the electric and gas curves cross. You can have a top-of-range electric with genuinely useful flow and no maintenance, or an entry gas machine with roughly double the water and an engine to look after. Both are defensible. They suit different people.
The high-flow electric case
A 1.76 to 2.0 GPM electric does everything a homeowner needs. It runs a 14-inch surface cleaner at full speed, rinses a wall in one pass, starts instantly, needs no fuel or oil, and is quiet enough that nobody minds. For a standard suburban lot it is the machine I would actually choose, and the one I would still own in five years because nothing about it rots over winter except water in the pump — which one minute of pump saver prevents.
The entry gas case
Two and a half gallons a minute is a different experience. A long driveway stops being a project. A 15-inch surface cleaner spins properly. You are not tethered to an outlet. If your property is large, this is not a luxury, it is the difference between doing the job annually and not doing it.
The cost is real: fuel, oil changes, stale-fuel starting problems, noise, weight, and 3,200 PSI of pressure you will spend the whole time managing around siding, trim and windows. The honest comparison is electric vs gas.
What $500 does not buy
A commercial machine. A true contractor unit — a Honda GX engine with a triplex pump — starts well above this. What you get at this budget is a good engine on a direct-drive pump, which is entirely adequate for a homeowner and will not survive eight hours a day of professional use. That is fine; you are not a contractor.
It also does not buy you out of accessory spending. A 2.5 GPM machine without a surface cleaner is a loud way to do a slow job. Budget for the head, a longer hose and a concrete cleaner in the same order.
The deciding question
How big is the biggest flat area you will clean, and how often? Under about 600 square feet, once or twice a year: take the electric, enjoy never thinking about it. Over that, or several times a year: take the gas and accept the maintenance. If you are genuinely unsure, how to choose a pressure washer walks the decision in order.