I have a Alps Mountaineering 1.5 Mystique tent- $100 on amazon; Klymit Static V pad- $50 on amazon; goose down sleeping bag from REI- similar to Igneo 25- $270. That totals $420. Not the lightest or best equipment but has served me extremely well over 5,000 miles of touring. If you can improvise and not require perfect comfort you can get by with all kinds of equipment.

I just upgraded from an old Gerry down bag that's a little short, to an old down military bag, not sure what country, but it's old, that's actually long enough. 😁 I think this thing must be around 5 pounds or more, most of it the down filling. Since I carry it on my bike, I don't mind the weight. 😎
I also have a Gore-Tex bivy, non-standard, that fits a mummy bag way better than a regular military bivy. Both are made by Tennier industries, but this one's just a much better design.
Last but not least, I have an original REI Quarter Dome tent (with the right ground cloth), in green, that looked unused when I got it about a month ago. It's still unused, lol, but I'm sure it'll rain again, and that's when I'll be glad I have it.
Sleeping bag- $25, bivy- $90, tent- $2. Total, $117.

I use a Warbonnet Blackbird Blackbird hammock and a Mamajamba tarp from the same company for a rain fly. I use either an air mattress or a blue foam pad on the bottom.

A great advantage to the hammock, is that I can place my gear under it, and out of the rain. I used a lightweight tarp on the ground. All of it pack extremely small.

I should have realized sooner, my sleeping bag is a M-1949 U.S. Military bag, in Large. The M denotes "Mountain" gear, full of down, and weighs a whopping 7 1/2 pounds, lol.
These were standard issue in both Korea & Viet Nam, with a rain cover. 🙂

It's a great feeling having your bike right underneath you, isn't it? I prefer a hammock when I can use one because it's faster and easier for me to set up, and like you, enjoy having dry storage underneath. It's also way easier for me to pack up when I used a hammock. Faster and cleaner. But I will say, that I like having my butt on the ground when I hear something snorting around outside the tarp in the dark. Even if it is only a Marten.

I like being able to pack up the hammock in the rain, under the rain fly. I can stay dry while tearing down and the hammock remains dry as well. Big plus for me.

Don't worry about the snorting. If a bear makes it under the hammock, he will just rock you to sleep as he brushes up agains your bum.

Staying dry during pitch and take down is certainly a benefit to hammocking (and I, too, use a WBB and Mamajamba tarp). Because of that, I chose a tent for plains states touring that can do the same: Hilleberg Enan. The inner is suspended from the outer, so the outer can be pitched and then the inner. I won't sleep as well on the ground, but the tent is actually lighter than my hammock kit, but I wouldn't relish the thought of using my hammock as a bivy in a rainstorm.