Before you get too excited, keep in mind that this will be limited to urban areas where the provider can deploy lots of small cells. The range of any one cell will be much smaller, compared to today's 4G/LTE cells.
The FCC is proposing 5G bands starting at 28 GHZ to as high as 71 GHz. But, there's a lot of total bandwidth available in these ranges, so there's a potential for much higher data rates.
Addition: These are the proposed new bands for mobile use:
27.6-28.35 GHz (750 Mhz)
38.6-40 GHz (1.4 GHz)
37-38.6 GHz (1.6 GHz)
65-71 GHz (6 GHz)
The number in parentheses is the total bandwidth for that band. Consider the smallest one: 750 MHz. That's almost the same amount of bandwidth allocated for EVERYTHING up to the lowest-frequency cell phone band.
Add the first three bands, and you get 3.75 GHz. That's as much as every bit of current spectrum in use, below the lowest fixed-satellite band (that starts at 3.7 GHz).
This is an older frequency allocation chart (2011), but it gives you an idea of what everything at the lower frequencies are used for. Keep in mind that starting with the third row, each row represents 10 times as much bandwidth as the row above it:
The FCC is proposing 5G bands starting at 28 GHZ to as high as 71 GHz. But, there's a lot of total bandwidth available in these ranges, so there's a potential for much higher data rates.
Addition: These are the proposed new bands for mobile use:
27.6-28.35 GHz (750 Mhz)
38.6-40 GHz (1.4 GHz)
37-38.6 GHz (1.6 GHz)
65-71 GHz (6 GHz)
The number in parentheses is the total bandwidth for that band. Consider the smallest one: 750 MHz. That's almost the same amount of bandwidth allocated for EVERYTHING up to the lowest-frequency cell phone band.
Add the first three bands, and you get 3.75 GHz. That's as much as every bit of current spectrum in use, below the lowest fixed-satellite band (that starts at 3.7 GHz).
This is an older frequency allocation chart (2011), but it gives you an idea of what everything at the lower frequencies are used for. Keep in mind that starting with the third row, each row represents 10 times as much bandwidth as the row above it:

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