Read me first:

There are many ways you can do strength training, e.g.
use body weight
use free weights
use individual machines
use combo machines
use pulley systems
power racks
etc

Also, people have different training goals, e.g.
body sculpting
strength training
competitive training
casual training
train upper body only
train lower body only
full body training'
cardio only
etc

No matter what anyone says, the exercise setup that you should have is the one you will use regularly, not the one that is the cheapest or most expensive or most innovative or most old school. In addition, what's equally important is muscle activation/stimulation, so if a particular setup doesn't stimulate your muscles or is uncomfortable to use, you will just fail.

For me, my goal is regular casual strength training that focuses only on certain upper-body muscles that are the most noticeable. My legs look fine as is and I don't feel the need to grow them or sculpt them only to hide them inside pants. My chest, arms and shoulders, however, are smaller than I'd like them to be, hence my focus on specific ways to target those areas. I'm not a fan of pulley exercises except for a few, which is why I bought traditional machines rather than a pulley system. All of the machines I bought are very comfortable and enjoyable to use except for the bicep curl machine, which is a little bit uncomfortable. I might sell it and get a small pulley system to do cable bicep curls with the option to do cable rows and cable tricep pushdown. Regarding cardio, I personally hate running and I don't want a bulky treadmill, so I bought a low-profile walking pad that I can leave in my living room to use while watching TV. For me, the equipment I bought below was not too expensive, and since I use them regularly, that's what matters for an effective home gym.

Your goals, finances, and personal preferences may differ, which is fine. My setup works pretty well for me, so no, I'm not going to get a power rack or some all-in-one machine.

UREVO Walking Pad with Auto Incline, Max 9%
https://www.amazon.com/gp/product/B0B...

syedee Plate Loadable Seated Dip Machine
https://www.walmart.com/ip/syedee-Pla...

syedee Plate Loaded Deltoid and Shoulder Press Machine
https://www.walmart.com/ip/syedee-Pla...

syedee Fitness Bicep Curl and Tricep Press Extension Machine
https://www.walmart.com/ip/syedee-Fit...

Syedee Chest Press Machine
https://www.walmart.com/ip/Syedee-Che...

UPDATE March 2024:
I sold the bicep curl machine and bought the ER KANG LAT Tower with ab crunch harness.
https://www.amazon.com/gp/product/B0C...
I use this to do standing lat pulldown, bicep curls, tricep extension, and shrugs, among other things.