At $550, you can get a great build with the Popular Pentium G4560 and Radeon RX 480, perfect for gaming at 1080p @0fps. A PC like this will easily outperform a Console while also being quiet and affordable. Below explains why each part was chosen and its benefits:
CPU And Cooler: Currently the best bang for your buck Processor, this one is perfect for gaming at 1080p on a tight budget, and since it has hyperthreading, it is basically an i3 with a slightly lower core clock. The G4560 comes with a stock cooler so that box is also ticked :)
Motherboard: A cheap budget friendly MOBO, the B250 Bazooka from MSI is a great option for users who don't need a whole lot of features, but just a good simple functioning board that fits the price bracket, as well as including Usb 3.1 (type A and C) ans a decent colour scheme
RAM: Just a simple 8gb ram stick, nothing much else to say other than the MOBO does support 2400mhz
Storage: At this budget a 120gb SSD was fit in too, the PNY CS1311, a good highly rated SSD jut big enough to fit the OS and a game or two, but will make this build much better because of fast boot times :). Seagate's new released 7200rpm drives, just a simple 1tb for storing everything else on like photos, music and games etc..
Video Card: The Amd Radeon RX 480 is the Perfect 1080p graphics card and has been fit in the budget, this card is a perfect combo with the G4560 and you will get 1080p@60fps at ultra on almost any game, and the Powrcolor model has a great price right now!
Case: Great case from Thermatake, the Core v21 micro ATX case has great cable management, a side panel window,and well built with good materials, and it also looks decant too
Power Supply: the corsair Cx550m is a good budget friendly PSU which is perfect for this build, it is Simi modular, so the cables you would most definitely need are hardwired in while some secondary cables are separate.