My first cosplay was probably around $50. It was mostly normal clothes with a few things scraped together. I did do it as a testing the waters as cosplay wasn't that well known back then and I wasn't sure if it was a thing.
If I were starting out now, $160 would probably be ok to me but given its more known now, I would probably have started with a more detailed costume.
These days, I'm happy when my costume costs as little as $160.
Currently working on:
Nene (Bubblegum Crisis)