It really depends on the type of site. If you don't mind occasional downtime or sometimes slow service a cheapo host will do. Not always but often cheap hosting means cheap servers like older processors & less RAM...those type servers are out there for $59 a month where a good new generation server will cost $300-$600 a month depending on if you add support options. So take a $60 server and put 300 $3 accounts and you have a healthy profit but it won't support a busy forum or such.
To me the main thing is if your site is business or fun.
If it is business, don't skimp. $25 would handle a LARGE e-commerce site or VERY busy forum with lots of ads. The $10 + or - a dollar or 2 range is generally a good starting point for a business. Make sure they have free backups and a money-back trial period, Published uptime & speed checks are a good sign too.
Then call them. See if the person you get speaks your language and handles any questions quickly & with knowledge...then they could handle the type support needs you are likely to have; as well as the requirements of the host for your type site...If it all adds up you probably have a good host for you (as good as you can for first time out)
