I spent just over $3000 on my G0694 Grizzly when I moved up from a Harbor Freight lathe and can vouch for spending the extra money for the quality. I found that 220V and 2HP is more realistic and true than the 110V "2HP" frankenlathe I built out of it. $1000-$1500 is a decent budget. If you can, the Grizzly G0766 is a good one, I have heard (3HP 220V). I splurged at the boss' urging on the G0694 because I wanted the extra dead weight and have not regretted it. Just got a 17" band saw from Grizzly, too, and love the quality of their machines. Get what you can afford, but, if you can resist the urge to spend now and save a bit for better equipment, it works out much better in the long run.
Dachshunds and pneumatic nailers do not mix. Whiskey. Tango. FOXTROT!