Raven,

Do you want to play Bluegrass or Clawhammer? If Bluegrass then you want a resonator model, clawhammer you want an open back.

I would suggest a good used one. Check out eBay. THere is an Aria Masterclone there right now and the bidding is low. THere are a few other decent banjos, you can probably get a used one of quite good quality for what it would cost to get a new starter banjo.

A lot of folks here prefer the Saga to the Deering in the new starter market.