I was surfing around and ran into a few items at Land's End that might help hikers on on a budget.
I bought one of these Primaloft jackets and will report back on the weight, but for $29 I can wear it around town if it doesn't hit the UL mark
This one looks a little heavier but it's just $25. http://www.landsend.com/pp/PolarguardJacket-56919_167830_-1.html&CM_MERCH=PAGE_56919
They have a Gore-Tex jacket for $69 too. http://www.landsend.com/pp/PackableGORETEX174Jacket-30845_178015_59.html&CM_MERCH=PAGE_30845
Surf around for fleece, hats, etc, etc.