For a cheap but quality boot, the NRA (yes those folks) sells Vibram sole black leather boots for $40.00 at the local gun shows. I bought a pair to work in the yard. They've been fantastic. They are tough, well made, comfortable and they are absolutely as good as boots 4 times the price. Not only can I hike in them, I can also do a bit of rock climbing.
No, they are not gore-tex lined and the tongue is not sealed/waterproofed. So what? I don't wade in deep water anyway.