There are tons of great and reasonably priced mics that usually have some limitations that are fairly tolerable. Like
Are you going to play really loud?
Is it acoustic stuff?
For Vocals?
Drums?
For Live work?
Dynamic = for live for most cases. >> feedback resistant
Ribbons are so great and can be had for $100 but can be fragile. Not best if you're a heavy smoker or a clutz. Super useful for loud guitar or drums. In general, ribbons are for loud and usually somewhat percussive sounds. I don't tend to favor them for acoustic instruments other than banjo.
Small Diaphragm condenser for recording cymbals
Large Diaphragm condenser for acoustic guitar or vocals.
In the condenser category there are lots of polar patterns
if you don't have a lot of mics, skip figure 8 patterned condensers
probably go cardioid or super-cardioid so they are at least somewhat directional.
You will know if you are going to be a one mono-mic in the middle of the room guy... then omni pattern.
I would say pick your category and then find a mic in that category.
Cheap condensers don't do well at high volumes, but cheap ribbons do. Cheap dynamics also do well at high volumes but lose some articulation imho. It's like they are stiffer. idk how to say it in words. Not as crispy.