A decent hand built wheel should come in for less than $200.00... and one could re-use the existing hub and save dollars there. From scratch you should be looking at 150.00 - 180.00 for a decent quality hand built wheel but the price could go much higher depending on parts.

Have built $700.0 wheel sets for expedition touring with high spoke count hand built hubs and rims... but these are not for normal mortals.

The existing wheel might also be fine with a proper tune up but may require a rebuild and the third option is to buy a better quality wheelset from and LBS and have a good wheel builder tune them up.

Have been very happy with the commercially available Formula / Alex 2100 / DT wheel sets available here... they are 36 spoke wheels and a set costs $180.00 Cdn.

Set I was running on my hybrid got checked and tuned up (by me) when I bought the bike and after 4 years and 1000's of km of hard use were still 5 by 5... that is true to a 5/1000 tolerance and they show little brake track wear.