OP, my hammock setup (not including sleeping bags and such) was around $35 for everything.
This is my hammock
http://www.amazon.com/OuterEQ-Portable-Parachute-Camping-Hammock/dp/B00G3ZURYU/ref=sr_1_3?ie=UTF8&qid=1423600035&sr=8-3&keywords=hammockI've also heard good things about the grand trunk hammock people already mentioned. The only reason I went with this one over it is it's rated for about 100 more lbs.
Then I also bought 2 climb rated carabiners from rei for $10 (it does come with 2 carabiners, but I would feel better using carabiners I know I can trust)
I can't find the exact ones I bought on their site, but it was a set of 2 connected with a strap, which cost about a dollar less than buying them individually.
And I bought a 2" x 20 foot polyester tie down from harbor freight for around $7 to make 2 9 foot hammock straps a-la pic related
http://www.harborfreight.com/833-lb-capacity-2-in-x-20-ft-ratcheting-tie-down-61289.html 