Yeah, $5K would equip you with a pretty kick-arse lab these days.
Even more so if you are in the US or other countries that have oodles of cheap 2nd hand gear on ebay.
It depends... With $5K someone can build quite good lab to work with microcontrollers and low frequency analog circuits. But my still quite basic home lab with focus on RF design and radio equipment mods/repair (up to 1 GHz for a while) already passed $10K mark (not counting parts), and there is a lot of things that may be considered missing.
I'm not in United States, so eBay is not always a good source, heavy items may cost a lot to ship overseas.
BTW: It may be much more interesting to compile a list of items for "$1K advanced home lab". I can offer to include Rigol DS1052E scope and lower model of Zeroplus LAP-C logic analyzers line to such list.
Both is "upgradeable" to quite useful tools.
PS: Should I count an additional room that is used for all this stuff to expenses? Initially planned to purchase 1-bedroom appt, but quickly switched to 2-bedroom one after remembering how many boxes I need to move.
And it was quite heavy "investment".