We have a dedicated room in our house that we use just for music and reading. In the floorpan, it's actually called the "formal living room," but since we're not very formal, we call it the Library/Music Room. One whole wall is bookshelves with another wall having CD storage, vinyl storage, and the stacked components in a cherrywood cabinet. There are guitars on stands in two of the corners, and there is no TV in the room. It is my favorite place in the house.

The components are:

Denon DRA800H receiver/amp with bluetooth and streaming connectivity - I currently have some cheap bluetooth speakers stashed in rooms around the house, so I can switch the music to any or all rooms. With bluetooth, I can also control the music with my phone, etc. Better speakers are definitely in the future.
Denon DP450-USB turntable (so I can digitize old vinyl) with Ortofon Red cartridge
90s Kenwood Multiple Compact Disc Player DP-M5550 w/6CD Magazine (it can also play one at a time)
80s Infinity bookshelf speakers on 13" tall VTI speaker stands

As you can probably tell from the older CD player and speakers, I'm in the midst of upgrading the system. I replaced an older Pioneer receiver and turntable with the newer units over the past year and a half. I really love my old Kenwood CD player since I can either load the 6 disc magazine or play one at a time. The CD magazine is great for listening to whole shows since you can load as many CDs as you have for a particular show. It's also great to load six CDs when you're having a gathering and you want music to play constantly in the background. The speakers will be the next upgrade with the CD player being last. When and if I get a new CD player, I'd at least like to get one with a 3 CD platter so I can listen to entire shows.

As you can see, I have a mixture of new and old, so just like some posters have stated, there's still some good old stuff out there. You don't have to break the bank; however, I do love the modern features of that new amp and turntable...