The problem here is that any league that starts FM with a lower rep compared to the big leagues will never catch up to the big leagues in terms of financial weight in the game. Sure the reputation might catch up, but the game will never treat the Hungarian division as on par with England, Spain, etc, financially. Prize money, tv revenue etc will never reach the heights of the big leagues and as such a club no matter how successful in those other leagues will never be able to compete financially. That's why the wages are lower, because there is no chance that his club could afford to pay 100k+ wages to each of his main players, probably not even 50k+. It would make a loss season on season. That means that big clubs will take notice of the players playing far below the wages that 'should' be being offered for a player of their ability and become interested en masse - pressuring both the players and the club into a selling position. In the same way no matter how much you raise the hungarian division's rep or your club rep, the valuations will never catch up to those it becomes on par with, which isn't realistic - as if that fantasy scenario unfolded in real life, all of those elements would increase to a significant degree.
For those who feel the valuations are in line with reality - and above hungarian transfer records - that's the problem, in reality the hungarian league is not a good league, in his game it's likely improved drastically - so it should be treated on par with the leagues around it. The valuations of a club that competes regularly in the champions league, and reaches the knockouts regularly likewise should have player values more closely aligned with similarly successful teams. This just seems common sense to me. I've had the same problem in past editions of FM taking Melgar in Peru to regular Copa Libertadores winners and the best team in south america - or Aalst in Belgium to one of the best teams in the world, CL winners, etc, but the values and financial power of both of these teams never caught up to the top leagues in those continents.
Ultimately the game seems hard coded to remember the league's starting rep rather than dynamically adjusting to realistically represent the changes that can happen in game.