I work in professional recording studios where we have access to many expensive and classic microphones, but we also have some key mics that are surprisingly inexpensive. One of my favorites is CAD M179, which I really enjoy working with in certain situations. 

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I took the time to ask around to see which were some of the favorite mics for home recording. I've noticed that some came back pretty often like the SM57, the Rode NT1A, the Audio Technica 2020 but I was surprised to learn about many microphones I hadn't heard of.
 

Here is a list put together of different mics, most of which are under 300$. Some are more expensive, but I put them in because they are well worth knowing about in my opinion. 

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I put the price I could find beside the microphones as well as a link to a youtube video where someone has done a test and review. This way you can have a listen to it and chose the ones you prefer based on the way they sound (as opposed to the way they look ;)

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1. Click on the mic to hear a youtube review and listen to what it sounds like.

2. Check out the price 

3. Click Check it Out to find a quick link to where you could purchase it.

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*** = The ones I have tried and would recommend. I haven't worked with                       many of these mics, but they were recommended to me by other folks.

1x* = I recommend but maybe not the best deal

5x* = Better deal in my opinion. 

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My rating may not apply for what you are looking for. Microphones work very differently from one instrument to another. Some I have noticed sound better more widely than others. 

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I didn't rate many of these because like I mentioned, I don't have any experience with all of them. 

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Note* For those who are starting off, it is important to know what you will be doing with the microphone. That is, which instrument you will be recording, and if you need something more versatile.

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For Demo / Pre-prod: If you are only recording demo's and pre-productions, I strongly recommend not to spend much. Get something that will do the job as cheaply as possible. That is of course if you're going to hire to do the official recordings once the pre-production is done. 

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For Official Release: If you intend on releasing some of the material you plan on recording, then I recommend to do your research and get the best mic for the value, and invest the time to make a well-informed decision. A classic situation is I record an album with a band in a professional studio, but we'll use some of the tracks that the artists recorded themselves. I often end up having lots of issues with these tracks. Make sure to speak with your engineer before doing any recording so you are sure he gets everything he needs, undamaged. He might also help you with your mic choice and placements. 

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Pricing is in CAD, taxes may not be included and prices may vary from store to store.

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I am not making any commission on any of this. Allot of people have asked me about which microphones are the best buys for them, so I felt like this could help people find what they are looking for and save some money. 

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If you have any questions feel free to contact me