Personally I skip breathable fabrics and find that keeps the cost down for touring or any use where I will be sweating profusely. I just don't expect to be dry when riding. I figure I'll be wet from sweat regardless. I am wet from sweat riding when it isn't raining and I don't have a raincoat on so how can I expect breathable fabric to keep me dry in the rain? I figure a rain garment is more of a wind chill garment. It keeps me warm not dry, so for me a light wind shirt usually suffices with insulation designed for wet usage underneath. I come from a whitewater canoeing/kayaking background where being wet is a given and freezing temperatures are often a necessity so I have some nice tech shirts/sweaters.

I don't usually use them for touring, but I have friends who swear by Frogg Toggs for inexpensive rain gear. I have worn them for day hiking and they seemed fine for a very inexpensive price. I take a FT poncho (the ultralite model) along sometimes when backpacking, but have not needed it much. Having been really lucky with the weather on the trips where I taken it, mine has not seen a lot of use, but it seems pretty good and was cheap enough to buy a few and have them in vehicles and various packs. The whole product line is mostly well within your budget including the cheaper suits with pants and jacket I think. Unless the prices have gone up lately even their high end stuff isn't way out of your range.

The Frogg Toggs stuff isn't super long wearing, but with care it holds up okay. Worst case patch it up with duct tape. If you live somewhere that you wear it daily you might consider it short lived, but for my usage it will last years and years.