Magellans is a travel accessory supplier and I stumbled on these Red Ledge raincoats for $22. They are micro-porous polyurethane coated nylon with hood, zipper hand pocket and vented back panel. I have a large that weighs 13oz. Sizing seems generous, which is a good thing for "bellows" effect ventilation.
I would put them in a class with DriDucks for cost and less breathable, but much more durable. Might make a good sacrificial bushwacker's jacket. Certainly a better than nothing option for a useable hiking rain jacket on a budget.
http://www.magellans.com/men-s-thunderlite-waterproof-jacket

