Originally Posted by IceNine

In a high crime area I think a two bike solution might be best. Get a cheap 25 year old steel bike from craigslist that you can uglify with Huffy or banana stickers and kitch plastic flowers for decoration. Add lights, fenders, rear rack and folding wald baskets, maybe a tall Nitto technomic or dirt drop stem to raise the handlebars and give you an upright riding position. Sell the current bike and use the proceeds from that and the rest of your budget to get a nicer touring bike and have the handlebars set as high as possible.

I really don't think a light bike should be your priority. For someone just getting started with biking, I think comfort is more important as that will help you to spend more time in the saddle. You'd probably find light bikes uncomfortable and totally lacking in the utility functions you desire for commuting, shopping and touring and thus you'd probably ride less.