Gore-Tex is the way to go. Places like Cabela's, Bass Pro, or Gander often have rain suits on sale. You should be able to get jacket & bibs for less than $200. If you fish from a boat, rain pants will leave a gap between the jacket and waistband that will leave you exposed to the rain, bibs prevent this.
Get a light weight set that has enough room for layers underneath so you can wear them in warm as well as cold weather.