It is not difficult to produce a system that is able to impress at a very reasonable budget.
When a friend took on a different approach to a Analogue Source, they were working with MM, and stuck to AT Cart's at less than £100 to be used with a tonearm being sourced again for close to £200. These were used with a Lenco TT mounted on a rethought through plinth where I am confident combined costs did not exceed £200.
A Hagerman Phon' was used with an integrated amp and a used Speaker, which took a couple of efforts with the Speaker to get the end sound on the money.
This selection of Source and supporting system did not exceed much more than £1000 and was a pleasure to hear in use.
From what I have experienced as demo's of audio systems heavily invested in over the years, the friends approach with their knowledge of equipment as their strength, was able to create a impression that has been just as indelible.
One thing about reporting that an audio system does do good things at the $1K area, is to encourage newly interested individuals. In this modern world there are serious budget constraints, for an individual exposed toa limited budget to know they can find away in and have a worthwhile musical encounter, will undoubtedly be well received.
Being an audiophile ( one who has a passion for listening to recoded music through electronic equipment) is a label that can be worn by any individual when the fundamental is the exposure to music being heard and not the tools needed to enable the musical experience.
To listen to such a system for plenty of people is plenty enough.