Any suggestions for a monitor that will take advantage of PS4/PS5 capabilities?

[tqmilymi]

Hi all. My 11 year old son is very interested in getting a monitor that he can hook his PS4 up to for gaming purposes. He currently plays his games on a Panasonic VIERA TC-P65ST50 65-Inch 1080p 600Hz Full HD 3D Plasma TV (2012 Model) in our basement and he mostly plays Fortnite, Madden, and 2K Basketball. He is also looking into getting a PS5 at some point in the future, when they become more widely available.

His concerns seem to be the current TV screen is too big, there is too much lag, and he has issues with the FPS. We are not interesting in getting him into gaming PCs but are willing to look into getting him a monitor that might better meet his needs (using PS4 now, PS5 sometime in the next year or so). Does anyone have any thoughts, suggestions, or guidance they can share?

For example, given his needs, what is a key factor we should look into when getting him a monitor, and how much should we look to reasonably spend to meet the needs I highlighted above? We are looking more towards a mid- or budget-friendly option.

Alternatively, does he have it really good and maybe we should not even be looking to get him a monitor? All viewpoints are welcome.