Want to setup basic home audio system

Sounds like an invite, diripio!
Perhaps a pm is in your near future...

Wait a sec, HOW lowball??? 🤔

Oh boy.... I’ll give this a try.
1st get speakers that you have heard and like a lot. The Monitor are very good choice, if you like them. But buy something you really love....
2nd get a Bluetooth adapter, I have used and like this one, there are other choices for this, like any recommendation that I may give. 
https://audioengineusa.com/shop/adapters/b-fi-multiroom-music-streamer/
3rd would be an integrated amp, again many choices same as the speakers.
4th if you get powered speakers you can skip #3Note: some powered speakers and integrated amps have Bluetooth built in.
thus no need for adapter,.
there are choices out there that will satisfy your listening desires, you don’t need to go super expensive to get great sound. Only you will determine where it ends, it could be at the beginning.
Hope this helps. Happy shopping.

I literally just did this in the past month with a good friend of mine who bought his first house. Starting from scratch and similar budget. Here is what we came up with.

Yamaha A-S301 integrated - $350 new
Monitor Audio Bronze 2 speakers - $400 new
SVS SB1000 sub - $250 used
Echo Dot as a source -$29

A few cables and speaker stands from Amazon for around $100 and a few donated items (sub cable, speaker cables from my bone yard) and he is under $1200 all in.

It sounds surprisingly good for less than I have in my MC cartridge. He uses the echo dot to stream Amazon music and spotify. The yamaha also has digital inputs so we have his smart TV hooked up as well. He is pleased as can be.

Good luck figuring your system out.