travlnhobo--I hope that you can get to a big bike shop that has numerous rear rack brands and find a reasonably priced, well built option--they exist, but it depends on the store.
Here in this part of Canada, a good strong rack should cost around $50, but depending on where you are in the world, and the bike stores available, prices and what is available will vary.
If you do buy a rack at a store and they install it, ask them to put some "loctite" on the bolt threads, this will stop them from loosening over time--especially if as I assume, you are carrying a lot of weight in your panniers given that you are living on your bike.

where is the problem with your rack? Is there a broken weld? It appears to be in good shape.