Your tag line indicates that your 27" iMac is running Catalina, and you say that you can't update the OS any more. Based on that, I'm guessing that your iMac has a 2560x1440 pixel screen – not one of the 5120x2880 pixel ones (a.k.a. Retina 5K screens) that Apple used starting in Late 2014.
Monitors that have pixel density and sharpness similar to Apple's Retina screens – like the ones on 27" 5K iMacs, current Mac notebooks, and the 24" Retina 4.5K iMac – are relatively expensive and hard to find. (The Apple 27" Studio Display costs $1599+, and by the time you add in an Apple keyboard and mouse, you've spent an amount that once would have bought you an entire 27" 5K Retina iMac. Except that you still need to buy the computer!)
There are some 27" 5K monitors these days from LG, Samsung, BenQ, Asus, and ViewSonic, but I believe they're still priced much higher than most 27" 4K ones.
So a lot of people settle for 27" and 32" 4K monitors. There is a very wide selection of these out there, and some basic (but decent) 27" 4K monitors go for as little as $300 - $400 USD. That is, you could buy several for what it would cost you for a single 27" Apple Studio Display. You give up some sharpness relative to a 27" 5K monitor … but you're still talking about a monitor that has 2.25x as many pixels as a 2560x1440 one.
There are even still 27" 2560x1440 pixel monitors out there.
I'm currently using a 27" 4K monitor running in Retina "like 2560x1440" mode. Since this monitor has 2.25 times as many pixels per square inch as a real 27" 2560x1440 monitor, the Mac can draw letter shapes more precisely, and it can fill in photo areas in greater detail.
I also have the option of running the monitor in other modes – "like 1920x1080" and "like 3008x1692" being the two that are most practical.