I'm going to call it on the budget side. These days, seems like that's like anything under $400...
My main thing it to refer to the console baseline to plan upgrades. That makes a no-mans land that's around equal performance to the console. I can go less than that, and let the console handle the heavier games, or enough above that to be an appreciable upgrade from the console. Like right now, my gpu was a good deal, and is faster enough than a ps5 to do a good job on the games that are struggling on console. This last upgrade was just a few months ago and I didn't spend a penny more than I had to to get there. So idk if $350 is "budget", but I've got a budget mentality about it.
I was saying in another thread that I was getting pretty tempted on the ps5 pro, but considering I've already got my bases covered in a sensible way, I don't want to go buying things just to have them when the reality is I am perfectly happy with my current setup.
Edit: Changing my vote to balanced. If I could only spend half this much, I could still figure something out and that would be properly "budget". Not so long ago, I was straight up poor. Me and my wife were happy with the little we had, though. Luckily we had family to fall back on for the whole lights and roof thing. The newly-released ps4 was almost completely out of the question, though. Our ps3 died and we just pulled the ps2 out of the closet and kept rockin with that until a friend heard and gave us their ps3.
We both need games (NEED) and at some point I decided we were just going to get more out of our money if I whipped up a pc. It had been quite a while since I did any appreciable amount of gaming on pc at that point. I pulled an old work tower out of an electronics recycling bin (yes, that poor) and slapped in a 750ti for $100. We played till our heart's content on that thing for years. I'd like to think I could do the same again if our fortunes turned for the worse and be as happy as we were with our ps2 and dumpster pc.