I've never used a studio so can't compare but I'm pretty pleased with what I can create. Guys on here have been really helpful and I have a load of kit updates landing this week.
You could read my thread on Updating my Home Studio because there's a lot of tips from guys like
@cowparsleyman in there. Really helped me focus on what I wanted.
For info, I record acoustic and electric guitars into Garageband, as it just seems more intuitive. Audacity is brilliant for certain things but it just seems easier in Garageband.
I landed on a good Behringer interface that has 4 in and 4 out but generally I only record one at a time so a 1 or 2 in and out worked great. I have recorded my vocals and Acoustics through a cheap dynamic mic and I'm quite pleased with the sound, really looking forward to seeing how the new condensor mic sounds when I can try it.
And on cost, your £200 an hour would soon kit you out. My interface was £99, mic £90, Monitors (second hand Eris E5s) £95 so that and a few cables and you're well on the way.
Have fun!