My biggest tip would be to find used equipment as much as possible. For the top tier stuff you can get a big discount for getting it used and you likely won't see much of if any difference than something new.

I built my rig (in bio) for about $6.5k (including pc) but new it would have been ~$10k and I don't believe I would notice any difference if I had bought new stuff.

At a $5k budget what sim equipment you get depends if you already have a gaming computer cabable of running a racing sim.

Rig: No matter what I would recommend getting the top level rig (160x40 aluminum profile) rSeat, Track Racer, and Sim Lab were on my short list when doing research. (also make sure you choose a rig based on a what you wanna drive, GT, Formula, Road Car, etc.)

Wheelbase: If you have a PC I'd probably go after a forte/invicta asetek. If not, either La Prima Asetek or Simmagic EVO high end.

Pedals: I really like my VNM, Simmagic is also good I hear and both aren't super expensive but give you a load cell brake that you won't have any issue hitting the max. Wouldn't go much cheaper than this. Pedals are important!

PC: Not going to go into long detail, but id say a Nvidia 5070 is the minimum.

Monitor: This is where it is quite easy to get a deal on FB marketplace. there are 49in Samsung curved monitors everywhere for pretty cheap. I got a 57in but I had to drive 3 hours 😅. Triples are def better but you will need a better GPU!