Try J&G http://bicycleclothing.com/Rain-Capes.html

Their breathable coat is $99 which is higher than your limit, but you can do the non=breathable or cape for much cheaper.

You could also try the Showers Pass Club Jacket that's $49. It's not as breathable as the touring or especially the event jackets, but is made well.

http://www.showerspass.com/catalog/c...ns-club-jacket