[SOLVED] Looking to upgrade PC, can't seem to figure out what to upgrade first

[PWD3Games]

As the title states, I'm looking to upgrade my PC, but I don't know what to upgrade first. Here are my specs:
Power Supply:
Corsair CX500M

OS:
Windows 10

CPU:
Intel i5-6500

Motherboard:
Gigabyte H110M-A

Memory:
16GB

Hard Drive:
1TB

SSD:
Kingston UV400 240GB

Video Card:
NVIDIA GTX 770 Reference Card

I found a 1070 at my local microcenter for 300, and I was thinking an i7-8700 or 8700k for a cpu, but I can only upgrade one component at this point.

 

[ARAN_108]

The best upgrade for you right now is the GPU, everything else looks fine.
You need to change mobo too for upgrading processor.